WINDHOEK, July 15 — Namibia’s quest to maximize value addition in its mining sector continued Friday as it inaugurated its Finestar’s diamond cutting and polishing factory.
Finestar becomes Namibia’s 12th factory in a country where diamond mining represents 25 percent of mining exports.
During the inauguration in the capital Windhoek, The Minister of Mines and Energy, Tom Alweendo said the factory was a welcome step forward as the country looks to build on the industry that accounted for almost 20 percent of corporate tax in the 2020/21 financial year.
“There is, therefore, no doubt that the diamond sector is one of the most important sectors in our economy. That then requires that we, as stewards of this precious resource, need to manage it with due care, on behalf of the owners, the Namibian people,” he said.
Since 1994, Namibia took a decision to capture as much value as possible from the diamond mining sector by emphasizing a certain percentage to be cut and polished locally said Alweendo.
“Currently we have 11 active cutting and polishing companies, and over 900 people are employed in the cutting and polishing sector. I believe that we are at a stage where we need more of our diamonds being cut and polished in the country, thereby creating more needed employment,” he added.
Diamonds were discovered in Namibia 114 years ago, in 1908. Since then, diamond mining represents 25 percent of exports from the mining sector. (Xinhua)
