Govt share of Debswana diamonds rises to 11%

At 10 percent and using 2011 estimates, government was entitled to up to P2.6 billion of diamonds from Debswana, with the figure increasing to 15 percent by 2016.The Okavango Diamond Company has since been set up with a board and managing director to spearhead the independent trading of government's share of Debswana production. The unit is expected to begin trading rough diamonds as early as April next year.

In an interview on the sidelines of this week's BOCCIM National Business Conference, the Diamond Hub's Mmetla Masire explained that by the expected commencement of trade by Okavango, government's share at Debswana would have risen to 12 percent.He revealed that government had not yet exercised its rights under the 2011 deal, despite some suggestions that it should take up its allocation and stockpile while awaiting Okavango's full establishment.