Namibia’s diamond revenues have been overtaken by income from other minerals for the first time, according to the country’s mining chamber, as soaring gold prices and increased uranium production helped cushion the impact of weak diamond markets.
Diamonds have long been a cornerstone of Namibia’s public finances, accounting for approximately 30% of the country’s export earnings, according to Reuters.
However, the sector has been under pressure since mid-2022, as prices for natural diamonds declined amid the growing popularity of lab-grown alternatives.
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Tax revenue from diamonds in the six months to September plunged 79% year on year, following a 49% drop in the previous financial year, data from Namibia’s tax authority showed.
Gold and uranium drive growth
Tax receipts from other minerals, primarily uranium and gold, rose to 2.87 billion Namibian dollars ($171.1 million) in the last financial year, nearly double the original budget forecast. The chamber expects this figure to climb further to N$3.54 billion in the current year.
Royalty income from non-diamond minerals also exceeded expectations, increasing from a budgeted N$747.8 million to N$1.03 billion last year and remaining on an upward trajectory.
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Namibia’s two gold producers, Navachab and B2Gold’s Otjikoto mine, benefited from a surge in bullion prices, which reached about $4,380 an ounce in October, around 60% higher than a year earlier.
Meanwhile, uranium output rose 22% year on year in the first 10 months of 2025. Namibia ranks as the world’s third-largest uranium producer, after Kazakhstan and Canada.
Beyond mining, Namibia has also drawn growing attention as one of Africa’s most closely watched energy frontiers following major offshore discoveries by TotalEnergies and Shell in 2022.
The country is estimated to hold up to 2.6 billion barrels of recoverable oil, with exploration concentrated in the Orange, Lüderitz, Kavango and Walvis basins.
