What's Happening?
Namibia has signed the Luanda Accord, joining other African nations in supporting the natural diamond industry. The accord, initiated in June 2025, aims to promote natural diamonds through contributions from signatory countries. Namibia commits to contributing
1% of its annual rough diamond revenue to the Natural Diamond Council (NDC). This move comes amid declining natural diamond prices and rising demand for synthetic diamonds. Additionally, India's Gem and Jewellery Export Promotion Council (GJEPC) and the Dubai Multi Commodities Centre (DMCC) are set to become NDC members, further supporting the marketing of natural diamonds.
Why It's Important?
The signing of the Luanda Accord by Namibia and the inclusion of GJEPC and DMCC in the NDC are crucial for the natural diamond industry, which faces challenges from synthetic diamond competition and market volatility. By pooling resources and efforts, these initiatives aim to enhance the global appeal and marketability of natural diamonds. This collective approach is vital for sustaining the economic contributions of diamond-producing countries and ensuring the industry's long-term viability. The accord also underscores the importance of international cooperation in addressing market challenges and promoting sustainable practices in the diamond sector.
