Market headwinds drag ODC sales down 35%
Friday, October 30, 2015
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.
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...