Market sentiment recovers at ODC

Although the company auctioned fewer gemstones compared to the first sale of last year, appetite from buyers was much improved from the soft demand experienced in the last quarter of 2015 when the company had to cancel the last two auctions of the year.

In response to BusinessWeek enquiries, ODC Managing Director Toby Frears said in the January 2016 auction they sold 216,000 carats for $44.4 million (P515 million), including a single 184-carat stone, which sold for $4.8 million (P55.7 million).