Chamwe Kaira
Debmarine Namibia has contributed N$18 billion to its shareholders, De Beers and the Namibian government, over the past five years.
Debmarine’s chief executive officer, Willy Mertens, said the company will continue to recover diamonds in a safe and sustainable way while creating value for shareholders and leaving a lasting legacy in Namibia.
This week, Debmarine unveiled its Next Generation Crawlers, which will be integrated with the MV Benguela Gem.
The official unveiling took place at Cape Town harbour. The new crawlers are expected to increase the Benguela Gem’s annual recovery by about 80 000 high-value carats, more than replacing the output lost after the retirement of the MV Grand Banks and MV Coral Sea.
Mertens said Debmarine had to make difficult decisions in response to a downturn in the global diamond market.
“We needed to do something. We had to manage costs and improve cash flow. We retired the Grand Banks and Coral Sea. They only had three years left before scheduled retirement, but with upcoming maintenance in 2025 and low price conditions, they would not have been profitable. It was a painful decision to scrap the two vessels,” he said.
He explained that market conditions in India, China, and the United States have placed pressure on demand.
The recent 15% tariffs imposed by the US on diamonds have made them more expensive in the world’s largest diamond market, while lab-grown diamonds are gaining ground.
“The tariffs are going to have an impact on a market that is already declining, with prices having dropped by almost 50% since 2022,” Mertens said.
He noted that between 80% and 90% of diamonds are polished in India, meaning shipments to the US will now attract the tariffs.
Debmarine also reduced production from the Debmar Pacific, which is in port and scheduled for maintenance in 2026.
The Benguela Gem is currently undergoing maintenance and will be fitted with a new crawler before resuming production on 29 September.
