ODC sales drop 60% as diamond downturn deepens

Steering through the storm: Masire is eyeing a “bottoming out” of the free fall PIC: KENNEDY RAMOKONE
Steering through the storm: Masire is eyeing a “bottoming out” of the free fall PIC: KENNEDY RAMOKONE

State-owned diamond trader, Okavango Diamond Company (ODC), saw its revenues in the first six months of the year drop by nearly 60% compared to the same period last year, as the rough diamond industry experiences a sharp downturn last seen four years ago.

The figures come as India – which cuts and polishes at least 80% of the world’s rough diamonds – announced on Wednesday that it is banning imports of the stones for two months in order to “better manage the balance between supply and demand”.

This week’s revelations add onto an increasingly bleak picture for rough diamonds this year, where sales, prices and revenues are sharply down, in certain cases by double-digit percentages. The crisis has largely been caused by high inventory levels of polished diamonds in the midstream, that section of the diamond pipeline occupied by cutters and polishers, who buy from mines and sell to jewellers.

Editor's Comment
Routine child vaccination imperative

The recent Vaccination Day in Motokwe, orchestrated through collaborative efforts between UNICEF, USAID, BRCS, and the Ministry of Health, underscores a commendable stride towards fortifying child health services.The painful reality as reflected by the Ministry of Health's data regarding the decline in routine immunisation coverage since the onset of the pandemic, is a cause for concern.It underscores the urgent need to address the...

Have a Story? Send Us a tip
arrow up