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Thai investors can bring back shine in diamond sector

25
Mar '08

Namibia and Thailand have been enjoying good trade relation for a long time. To strengthen the tie further, Neville M Gertze, Ambassador of Namibia to Thailand, recently had a meeting with Mingkwan Sangsuwan, Deputy Prime Minister, Thailand.

Mr Gertze urged Thailand to invest in Namibia's diamond cutting and mining sector, since the country has made foreign trade rules liberal, and now there is no restriction on overseas ownership.

The mining industry in Namibia, has been witnessing a decline in growth over past few years, due to closures of several mining ventures .

To improve the situation, local Government has even added 100 new concessions mainly for diamond mining which would be granted to private companies for smoother operations. These mines have the capacity to produce around 1,00,000 carats of diamond per month.

De Beers, one of the leading producers of diamonds also operates in Namibia and produces nearly one million carats diamond yearly.

The country is renowned world wide for diamond industry, which plays a vital role in its economy. Mining and manufacturing accounts for 74 and 11 percent in Gross Domestic Product (GDP)of Namibia.

The country has a rich source of gems and precious stones like tourmaline, amethyst, topaz, tiger-eye and red quartz, and minerals including gold, uranium, copper and zinc.

Industry insiders believe that, once money starts flowing in, the nation can earn lot of foreign currency through export of precious stones and gems.

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