Namibia has reached a historic milestone, with revenue from non-diamond minerals surpassing diamond earnings for the first time. This shift has been driven largely by increased uranium production and strong global gold prices, marking a significant change in the country’s mining revenue structure.
By Nyasha T Sungiso
Diamonds, long the backbone of Namibia’s mineral economy, experienced declining revenues due to falling natural diamond prices and growing competition from lab-grown alternatives. As a result, diamond exports generated lower income than in previous years, weakening their traditional dominance in the sector.
Tax revenue from diamonds dropped sharply, while income from uranium and gold exceeded government forecasts. Rising royalties and corporate taxes from these minerals reflect sustained production growth and favourable international market conditions.
Namibia has strengthened its position as the world’s third-largest uranium producer, recording a 22% year-on-year increase in output in 2025. At the same time, elevated gold bullion prices boosted returns from gold mining, further supporting national revenue growth.
This transition highlights Namibia’s increasing mineral diversification and reduced reliance on diamonds, positioning uranium and gold as key drivers of future economic stability and fiscal resilience.