Namibia's central bank governor Johannes !Gawaxab called on Wednesday for an extension to a royalty discount granted to Namdeb to help the diamond miner through a protracted global market downturn, marked by falling demand and a supply glut.

The rising popularity of lab-grown diamonds and a shift away from the precious stone among younger consumers are also weighing on rough diamond prices. In 2021, Namibia cut its royalty rate from 10% to 5% until 2025 to help Namdeb, a joint venture between De Beers and the Namibian government, extend its land-based operations to 2042.

"It is important to support Namdeb during these difficult times," !Gawaxab said during a press conference after the central bank cut its main interest rate by 25 basis points to support Namibia's weakening economy. "As a

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