Okavango is the fledgling state-owned entity which will market and sell between 10 and 15 percent of Debswana's run of mine production, under a 10-year deal signed between government and De Beers last September. Prior to the deal, all Debswana production was marketed through De Beers' Diamond Trading Company system, but from next year onwards, Okavango will independently auction the portion of production set aside for government.Unveiling the Okavango inaugural board on Monday, chairman Jacob Thamage said an "aggressive establishment plan" had been approved which would culminate in the launch of trading activities in the second quarter of next year.
He said all activities in the interim would be building towards the start of trading activities."We are at the start of an exciting journey and it is the board's commitment to build a dynamic, successful diamond business which we can all be proud of," Thamage said in a statement."The board has approved an aggressive establishment plan that encompasses all the complexities of setting up a company of this nature and will see Okavango commence trading from Gaborone." Okavango is expected to independently auction an estimated $300 million to $350 million (P2, 250 to P2, 625)worth of diamonds on the open market per annum from Debswana's average $3 billion-a-year supply.
