ODC optimistic over 2022 outlook :: Mmegi Online

State-owned diamond trader, Okavango Diamond Company (ODC) expects that while the exceptional sales of 2021 may not be repeated in 2022, stable demand will still persist during the year, anchoring its sales.

Last week, BusinessWeek revealed that ODC sold $963 million (P11.1 billion) worth of rough diamonds in 2021, up 367% from 2020 and representing an all-time high for the 10-year-old company. Debswana sells 25% of its production to ODC and the balance through the De Beers sales platform.

From a depressed 2020 in which travel bans and global lockdowns hit the diamond industry hard, lower global restrictions and resurgent demand lifted ODC and other players in the industry to an exceptional 2021. Debswana’s sales jumped to a five-year high of P38.1 billion, while production was up 35% to 22.3 million carats, the highest since 2019.

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