For the first time on record, diamonds have dropped out of Namibia’s top five exports, marking a significant shift in the country’s mineral export profile as the global diamond market continues to weaken.
According to the Namibia Statistics Agency’s latest trade bulletin for August 2025, diamonds slipped from their long-held top-tier position amid falling prices, reduced global demand, and production slowdowns across both offshore and onshore operations.
The downturn follows months of subdued trading activity in major markets such as India, China, and the United States, where retail appetite for luxury goods remains soft.
By contrast, non-monetary gold surged to the top of Namibia’s export list, accounting for 21.1% of total shipments, buoyed by record-high global prices averaging US$3,667.68 per troy ounce in September. Most of this gold was exported to South Africa, reflecting Namibia’s growing role as a stable supplier amid persistent global financial volatility.
Uranium ranked third (7.1%), continuing to benefit from robust nuclear-energy demand and long-term reactor restarts globally.
Base-metal ores and concentrates—mainly copper and zinc—took fourth place with 6.2%, and copper and articles of copper ranked fifth, contributing 5.9% of total exports, most of which were re-exports to India.
Together, these five commodities accounted for 58% of Namibia’s total exports, underscoring the growing diversification of the country’s mining-driven economy. The shift illustrates how Namibia’s export earnings are increasingly supported by uranium and gold, two commodities whose long-term prospects remain tied to global clean-energy and financial security trends.
The Chamber of Mines of Namibia’s Monthly Mining Update for September 2025 shows a mixed but resilient performance across the sector as global economic conditions remain fragile.
Despite rising tariffs, trade disruptions, and soft demand for certain commodities, uranium and gold continued to drive growth and sustain export earnings, reaffirming the industry’s central role in the national economy.
According to the International Monetary Fund (IMF), global GDP growth is projected at 3.2% in 2025, while the OECD reports weaker manufacturing and trade activity in advanced economies. However, demand for critical minerals such as copper, lithium, and uranium continues to strengthen, supported by the global energy transition.
Namibia remains well-positioned, ranking first in Africa and second globally in the 2025 Greenfield FDI Performance Index, reflecting growing investor interest in the country’s mineral potential and commercial opportunities (fDi Intelligence, Greenfield FDI Performance Index 2025).
In September, gold prices averaged US$3,667.68 per troy ounce, up 43% year-on-year, while copper and tin remained firm. Uranium held steady at US$77.97 per pound, maintaining strong long-term fundamentals. Conversely, diamond prices declined by around 4%, mirroring softer global demand.
Locally, uranium output rose by 11% in August 2025 compared to July, while gold production increased by 6%. Diamond and zinc production, however, fell amid weaker global markets.
“While the global outlook remains uncertain, Namibia’s mining industry continues to show resilience,” said Veston Malango, Chief Executive Officer of the Chamber of Mines. “Strong uranium and gold performance, coupled with investor confidence in our critical-mineral potential, positions Namibia well for long-term growth,” he said.
The Chamber expressed confidence that policy stability and infrastructure investment will support continued growth and investor confidence in Namibia’s mining sector as the country navigates global headwinds.
Global context and policy outlook
The broader international environment remains fragile. The IMF’s October 2025 World Economic Outlook projects global GDP growth of 3.2% in 2025, moderating to 3.1% in 2026 amid trade tensions and fiscal tightening. The OECD similarly points to sluggish manufacturing and weaker trade in advanced economies.
Still, the energy transition continues to propel investment in critical minerals such as uranium, copper, tin, and lithium.
Namibia has emerged as a key player in this transformation, attracting new investors and long-term off-take partners seeking stable jurisdictions.
The Chamber of Mines cautions, however, that maintaining investor confidence will depend on regulatory clarity, administrative efficiency, and predictable local-ownership frameworks.
While diamonds lose their sparkle in 2025, Namibia’s gold and uranium sectors have become the twin engines of resilience, anchoring export performance and investor confidence.
As the Chamber noted, the country’s mineral strength lies in its adaptability — from diamonds and base metals to uranium, tin, and gold — each commodity shaping a new chapter in Namibia’s evolving economic narrative.
