27 Nov 2013

The Okavango Diamond Company (ODC) has been established to auction diamonds as government wanted another “cash back” avenue other than the De Beers Global Sightholder Sales (DBGSS).

Speaking in an interview, ODC deputy managing director, Mr Marcus Ter Haar, said his company was established following a new sales agreement between De Beers and Botswana government signed in 2011. He said currently his company received 12 per cent of Diamond Trading Company Botswana (DTCB) production with the volume expected to reach 15 per cent over the years.

The company was officially launched in September this year by President Lt Gen. Seretse Khama Ian Khama who said “ODC’s establishment will allow us to share the best of Botswana to the many international business men and women who will arrive here to buy Botswana’s rough diamonds.”  Mr Ter Haar said they have a unique sales environment where clients have two weeks to view the diamonds and then an online auction is held after a week.

He explained that they did not sell to De Beers clients but have their own diamontaires who come from all over the world. In his terms, ODC offers an alternative route to sell Botswana diamonds.

He said following the sales, they have received great feedback for quality of supply, quantity of supply and their clients were also happy with the level of service rendered. Mr Ter Haar said auction had an advantage as it performed well when there was a boom.

Situated at the Diamond Technology Park in Gaborone, the ODC employs 22 people most of them Batswana. He said the government fully owned the ODC and was committed to making a successful fully fledging diamond industry. ENDS