the monitor

ODC debuts diamond sales to citizens

Mmetla Masire PIC: PHATSIMO KAPENG
Mmetla Masire PIC: PHATSIMO KAPENG

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.

Editor's Comment
Accounting officers should be held accountable

Particular trepidations lie with the seemingly embedded nature of embellishing tender sums, in most cases without the barest minimum of authority. The worrying thing is that the inflated amounts run into millions of pula across the government ministries and departments. The Auditor General’s report of March ending 2022, which we cover extensively in this edition, paints a gloomy picture on management of the government coffers. It depicts the...

Have a Story? Send Us a tip
arrow up