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ODC debuts diamond sales to citizens

Monday, September 18, 2023 | 2010 Views |

State-owned diamond trader, the Okavango Diamond Company (ODC), will next month start setting aside an allocation of diamonds for exclusive sale to citizen enterprises, helping Batswana into an industry where they have battled against more capitalised and experienced international entities.

ODC conducts 10 auctions of rough diamonds each year, attended by buyers from across the world who bid on an auction basis for the different sizes and types of stones on offer.

The company sources its diamonds from an annual 25% allocation of Debswana’s production, a figure expected to rise to 30% this year when the new deal between the government and De Beers kicks in. The ODC sells its stones on a spot auction basis, where buyers registered on its books bid for parcels on a competitive basis.

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