Namibias central bank governor Johannes !Gawaxab called on Wednesday for an extension to a royalty discount granted to Namdeb to help the diamond miner through a protracted global market downturn, marked by falling demand and a supply glut.
The rising popularity of lab-grown diamonds and a shift away from the precious stone among younger consumers are also weighing on rough diamond prices.
In 2021, Namibia cut its royalty rate from 10 to 5 until 2025 to help Namdeb, a joint venture between De Beers and the Namibian government, extend its land-based operations to 2042.
