16 Jul 2013

Okavango Diamond Company (ODC) has successfully concluded the sale of approximately 123 000 carats of Debswana production.

A news release from ODC said the objective of the pilot sale was to test the core systems and processes that had been developed for auctioning rough diamonds in Gaborone, ahead of a full launch of commercial sales operations in September.

It said around 50 local and international companies visited ODC’s new purpose built facility; the Diamond Technology Park in Gaborone between June 26 and July 5 to inspect diamond lots before taking part in the online auction sale.

It further stated that all diamond lots offered at the auction were sold, achieving a total value of approximately P171 million (US$20 million).

ODC’s managing director, Mr Toby Frears said in the release that the pilot sale had given them opportunity to test every aspect of their sales process in a live environment and to gather important feedback from customers.

The release said while the initial response from customers had been positive, the company would continue to solicit feedback from all those that participated to ensure that valuable earnings were captured and any necessary enhancements made ahead of the full launch in September.

ODC would also hold its inaugural sale on October 9, while viewing of diamond lots was scheduled to start on September 23. They had also invited diamond companies interested in becoming their customers to register with them.

ODC was created to provide Botswana with its own sustainable, commercial diamond sales channel. It would provide government with greater insight into diamond market trends.

As part of government’s broader strategy, the ODC would also help to cement the country’s growing position and reputation as a leading centre for the production, sale and manufacture of diamonds.

The company was established following the renewal of the Debswana Sales Agreement between the Botswana Government and De Beers. ENDS