Gold and uranium boost Namibia’s tax revenue after diamond prices plunge

Namibia’s diamond revenue has been surpassed by income from other minerals for the first time, with record gold prices and higher uranium output helping to offset the impact of weak gem prices. Diamond income has traditionally boosted Namibia’s state coffers, accounting for about 30% of export earnings. But the natural diamond industry has faced a price decline since mid-2022, largely owing to growing popularity of lab-grown gems.

Tax revenue from diamonds in the six months to September was down 79% year on year, after falling 49% in the previous financial year. “As a result, non-diamond mineral revenues have surpassed diamond revenues for the first time, reinforcing a structural shift towards a more diversified and resilient mining revenue base.

Tax revenue from other minerals, mainly uranium and gold, rose to 2.87 billion Namibian dollars ($171.09 million) in the past financial year, almost double the original budget estimate. It is expected to rise further to N$3.54 billion in the current financial year. Non-diamond royalty income also surpassed expectations, rising from a budgeted N$747.8 million to N$1.03 billion in the past financial year and maintaining that trend in the current year.

Namibia’s two gold mines, Navachab and B2Gold’s Otjikoto Mine, benefited from the bullion price rally that sent spot prices as high as $4,380 an ounce in October, up about 60% from a year earlier. Production of uranium, which is used in nuclear technologies, was up 22% year on year in the first 10 months of 2025. Namibia is the world’s third-largest uranium producer behind Kazakhstan and Canada.