De Beers worry of synthetic diamonds threat on natural stones

TIRI MASAWI 

De Beers Group Chief Executive Officer, Al Cook says synthetic diamonds are posing  a real threat to natural diamonds world wide.

He said  the natural diamond industry is facing a number of challenges but gave commitment to bettering the partnership the company has with the Namibian Government.

Cook met President Netumbo Nandi-Ndaitwah at the state house on Thursday.

According to `Cook the diamond industry employs about 15 000 people in Namibia.

“We just had a good meeting with the president. It was a constructive meeting that touched on the relationship between De Beers and the Namibian Government which spans over decades. We are bringing Namibian diamonds to the United States and labelling them the desert. We are telling Americans and Indians that Namibian diamonds are beautiful and so is the country they come from,” Cook said.

He added that, “ Natural diamonds take millions of years unlike synthetic diamonds that are made in a lab in China or anywhere else.”

The meeting also comes at a time when Namibia, Botswana and Angola are eyeing a controlling stake in De Beers to improve their control on the stones.

During the engagement, President Nandi-Ndaitwah expressed appreciation for the longstanding partnership between Namibia and De Beers.

She noted that cooperation in the diamond sector has, over many decades, evolved into a historic relationship grounded in mutual trust, shared value creation and responsible stewardship of Namibia’s natural resources.

Nandi-Ndaitwah said the meeting provided a timely opportunity to reflect on the future of the global diamond industry and to renew strategic approaches aimed at strengthening cooperation as the sector continues to evolve in response to changing market dynamics.

Discussions also focused on emerging challenges facing natural diamonds, including growing competition from lab-grown diamonds, and the importance of closer collaboration among governments, industry players and stakeholders to safeguard the value, integrity and sustainability of natural diamonds.