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
Women in Politics caucus NGO, a welcome development

In the 2014 General Election, women who stood for parliamentary elections were a mere 17 out of a total of 192 aspirants, and sadly the number dropped to 11 out of 210 parliamentary aspirants in the 2019 General Election. Hopefully, registration of the Women in Politics Caucus will give women the necessary support to join politics. While things were slowly improving, women for a long time were at the receiving end as compared to their male...

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