Market headwinds drag ODC sales down 35%

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CAPE TOWN: Okavango Diamond Company (ODC) value of sales fell by 35 percent in the first nine months of the year compared to the same period in 2014 as global market headwinds impacted demand for rough diamonds.

In the period January to September, ODC  sold 1.64 million carats of rough valued at $303 million. 

According to ODC deputy managing director, Marcus ter Haar this represented a 35 percent drop in the value of rough stones sold in the same period last year, which stood at $463 million.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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