Namibia has unveiled a 176.29-carat natural diamond, the largest stone of its kind recovered at Namdeb’s Southern Coastal Mine in Oranjemund in two decades.

President Netumbo Nandi-Ndaitwah unveiled the diamond, named Owishi, as Namibia seeks to reinforce its position in the global natural diamond market amid weaker prices, shifting consumer preferences and competition from lab-grown stones.

Owishi takes its name from an Oshiwambo term for a rare type of honey found underground that is difficult to locate, according to the presidency. The name reflects the stone’s rarity.

During a ceremony in the capital, Windhoek, on Wednesday, Sept. 30, Nandi-Ndaitwah said the discovery highlights the importance of mining to Namibia’s economy and described it as a milestone for the country’s diamond industry.

Namibia’s economy is relatively undiversified and dependent on mining, which drives exports and government revenue, according to the World Bank.

Services, including finance, transport and wholesale and retail trade, account for a growing share of gross domestic product, while agriculture and tourism remain important sources of livelihoods and employment, particularly in rural areas.

Namibia Seeks Bigger Role in Diamond Industry

The find comes as the global diamond industry faces pressure from fluctuations in international prices, changing consumer preferences and growing competition from lab-grown diamonds.

Nandi-Ndaitwah said Namibia’s diamond industry should promote the provenance and rarity of its natural stones while emphasizing the sector’s contribution to the economy.

She also cited responsible mining, ethical practices and environmental stewardship as important attributes of the industry.

Namibia’s political and constitutional stability provides a foundation for continued investment in mining, she said.

The president also pointed to the government’s 50-50 partnership with De Beers Group as a model for using the country’s natural resources to support economic development.

De Beers is one of the world’s largest diamond companies, with operations spanning exploration, mining, trading and retail.

She called for Namibia to increase its participation in the diamond value chain through commercially viable domestic cutting, polishing and jewelry manufacturing.

Nandi-Ndaitwah said the value of Namibia’s natural resources should ultimately be judged by their contribution to improving living standards and generating broader prosperity for Namibians.

Namdeb discovered the diamond on May 10 at its Southern Coastal Mine.