Tough market forces ODC 2015 sales down by 45%

Friday, January 15, 2016

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.

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