Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Namibia diamond profits plunge

WINDHOEK, May 21 – Namibia\’s largest diamond mining company Namdeb recorded a 73-million-dollar loss in its annual results for 2009, as the global recession ravaged sales, the company said Thursday.

"Carats sold in 2009 have decreased by 25 percent and carats produced decreased by 56 percent as a result of the global recession on worldwide diamond demand," Namdeb spokeswoman Christine Visser said in a statement.

"Loss before tax was 555 million Namibian dollars (73 million US dollars, 58 million euros), against a profit of 1.9 billion Namibian dollars before tax in 2008," Visser added.

Namdeb is equally owned by diamond giant De Beers and the Namibian government.

Carat production dropped to 929,000 carats in 2009, down from 2.1 million carats in 2008.

"Carats sold in 2009 came to 1.3 million carats against 1.8 million carats sold the previous year," according to Visser.

Diamond revenue from sales dropped by 40 percent and came to 3.37 billion Namibian dollars, against 5.65 billion Namibian dollars in 2008.

Namdeb\’s diamond mining licenses end in 2020.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...