14 May 2013

Okavango Diamond Company (ODC) will hold a pilot sale in Gaborone from June 26.

A press release from the company states that the pilot sale will test systems and processes it has developed for auctioning rough diamonds ahead of a full launch of its commercial sales operations in September. 

The release also states that approximately 50 companies are expected to attend the viewing of diamond lots in Gaborone before taking part in a live auction test.

Such companies, it says, have been carefully selected to represent a cross-section of the market, making them well placed to provide ODC with feedback on all aspects of the sale. It also states that the list of invitees to the pilot sale will include all companies in Botswana with a diamond manufacturing licence.

The pilot sale, it is reported, represents an important final step in ODC’s establishment and will help the company to ensure that its systems are efficient and robust ahead of full sales launch and underlines commitment to delivering a customer focused sales model.

The company is said to have also designed an online auction that draws from industry trends and best practices and is aligned to its objective of delivering a competitive, transparent and efficient sales system.

When full sales commence, the ODC’s auction events will be open to broad participation from local and international diamond companies who will be able to gain access to the full range of Debswana’s diamonds at market-determined prices.

Okavango Diamond Company was established following the renewal of the Debswana Sales Agreement between the government and De Beers while the agreement provides for the government to purchase and sell 12 per cent of Debswana’s production in 2013, rising to 15 per cent by 2016. ENDS