Tough market forces ODC 2015 sales down by 45%

Diamond Sorter.PIC: MORERI SEJAKGOMO
Diamond Sorter.PIC: MORERI SEJAKGOMO

Sales by the state-owned Okavango Diamond Company (ODC) fell 45 percent to US$303 million in 2015, weighed down by “very challenging market conditions” in the mid-stream, BusinessWeek has established.

Established as part of the 2011 renewal of a sales agreement between De Beers and government, Okavango in 2015 was entitled to purchase 14 percent of  Debswana’s production and independently auction it. Contractually, the figure rises to 15 percent this year.

Yesterday, Okavango managing director, Toby Frears said the number of carats sold by the company had dropped in 2015 to 1.6 million from about 3.3 million in 2014.

Editor's Comment
When power scorns accountability

While every citizen, including the Head of State, has the right to voice opinions, the tone and context of the President’s comments were regrettably dismissive and risk chilling free expression in our country. The remarks are not isolated. They form part of a disturbing pattern of public attacks on independent institutions pillars essential to the healthy functioning of our democracy. The Judiciary, the Legislature, and now the media have all...

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