Net profits at Namdeb, a mining joint venture between De Beers and the Namibian government, more than tripled in 2008, as diamond sales increased. The company’s net profit scaled up to $60.8 million (NAD 467 million) in 2008, from $18.6 million (NAD 143 million) the previous year, while its sales were up by 24 percent to $736.8 million (NAD 5.7 billion) a result of higher prices achieved during the year. In terms of volume, sales sipped by 12 percent to 1.813 million carats, while the average price per carat increased by 41 percent to around $407 (NAD 3,117) per carat.

Production dipped by 2.5 percent to 2.122 million carats. Explaining the effects of the global slowdown on its sales, Namdeb explained that a tough economic scenario, which affects retail sale of jewellery, liquidity of manufacturers, demand for rough diamonds at cutting centers, and ultimately its sales quotient.

It noted that while diamond markets are showing signs of improvement, the trading environment would be difficult throughout 2009. In the year 2008, it had reduced production, placing its mines on care and maintenance, but is now operating all of its Namibia mines and has two of its five marine vessels at port.