The Namibian government has announced that it is building a new economy for the future, as the country can not always rely on diamonds.
Namibia is mining diamonds since 1908, and the share of this sector in GDP of nearly 8%.
Prime Minister Saara Kuugongelwa-Amadhila (Saara Kuugongelwa-Amadhila) noted in a conversation with the chairman of the Kimberley Process (KP), Ahmed bin Sulayem (Ahmed Bin Sulayem), that Namibia intends to develop a number of sectors of the economy, which would employ people.
"Natural resources have always been important for Namibia, especially diamonds, as they are making a significant contribution to our GDP," - she said.
"In this regard, it is important that the export of diamonds helps Namibia to diversify its economy. We can not rely on the diamonds ever, so that the government is looking for ways to optimize the benefits of their production in order to improve people's lives, while it is building a new economy, aimed at future".
Bin Sulayem said CP relies on a new business strategy for Namibia in order to provide more jobs in the mining industry and other parts of the economy.
"This fits well with our diamond evaluation initiative - he said -. Across the country, there is a robust infrastructure, and there are business opportunities in the interests of Namibia."
Namibia, with unique alluvial diamond deposits slightly increased the production of diamonds in the past five years. In 2015, it exported 2 million carats of diamonds, says the MP. Production costs were initially relatively low, but they grow with the transition from the development of alluvial diamond mining to the sea. Now this ratio is respectively 40% and 60%.
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The Indian company is the Titan, owned by the Tata Group, expects retail sales of jewelry worth $ 3500-8000 cash in India suffer after the government lowered the threshold of transactions for which you need to show a personal tax identification number TIN (Permanent Account Number, PAN), to $ 3500.
Earlier this month, India's Ministry of Finance has amended the limit beyond which the buyers of jewelry should be provided TIN. Now it is $ 3500 instead of $ 8000. This was done to limit the turnover of funds obtained by illegal means.
Probably, this measure will have some effect on the retail sale of certain products of the above cash value, the share of which, however, is less than 10% of the company's revenue in recent years, says the Titan.
Previously, the company has opposed the establishment of a transaction threshold for which is required INN, at $ 8,000. Recent government measures will not change the company's position on the issue, says the Titan.
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