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ODC suspends sales, Lucara stays the course

Tough decisions: Masire PIC: KENNEDY RAMOKONE
Tough decisions: Masire PIC: KENNEDY RAMOKONE

State-owned diamond trader, Okavango Diamond Company (ODC) will not hold its November sale of rough diamonds and could also cancel the December one, in order to help reduce oversupply in the global market, BusinessWeek has learnt.

The decision is yet another indicator of the pressures in the diamond market after the most challenging year since 2019, with falling prices and consumer demand.

ODC’s announcement this week echoes a recent decision by De Beers to give its rough diamond buyers full flexibility in their allocations for the last two auctions of the year. Prior to that, Indian cutting and polishing firms, which process 80% of the world’s rough diamonds, had announced a two-month suspension of imports.


Editor's Comment
Kudos to Botswana Police Service, other security entities

“In any moment of decision, the best thing you can do is the right thing.”– Theodore RooseveltThrough the two-day event, over 700 athletes from 40 countries, and multitudes of spectators gathered in Gaborone to witness a world-class sporting spectacle.Beyond the medals and performances on the track, Botswana won something equally important: international respect. One of the key pillars behind the success was the sterling work done by the...

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