07 Dec 2023

Okavango Diamond Company (ODC) has been commended for playing a pivotal role in shaping Botswana’s economic landscape.

Speaking at the commemoration of the ODC 10^th anniversary in Gaborone on Wednesday, President Dr Mokgweetsi Masisi said the company was an epitome of the development of the Botswana diamond industry.

“It has grown and thrived, contributing to the development and transformation of our economy, depicting the spirit of resilience, innovation, self-reliance and dedication,” Dr Masisi said.

He highlighted that ODC was an important lever for the nation to build capacity in asserting a significant measure of control over dealings in diamonds as Botswana’s natural resource.

He said ODC had been a transformative force and had been able to equip the government with the ability to validate prices on the sale of Debswana diamonds.

Painting the diamond development story, Dr Masisi said the journey began decades ago, adding that from those early days, Botswana embarked on a path of collaboration with De Beers Group as responsible stewardship of Botswana’s natural resources, through the joint venture company, Debswana Diamond Company.

He pointed out that the relocation of the Diamond Trading Company (DTC) to Botswana and the establishment of ODC had been integral in maximising the value retained from the diamond sector.

He said the formation of ODC marked the nation's commitment to enhancing the beneficiation of diamonds and ensuring that Botswana could sell and market the resources in Botswana.

“It was a statement that we are not merely exporters of raw materials but active participants in the global diamond industry,” he said.

Dr Masisi pointed out that when the COVID-19 pandemic hit, ODC faced many challenges, adding that like many other businesses, its projects and funding were temporarily disrupted.

He however, noted that the company's resilience, adaptability, and unwavering commitment to its mission allowed it to not only survive but thrive during and after the pandemic.

He said ODC rapidly transitioned to remote working and took advantage of its dual-viewing business model, noting that it started marketing diamonds in Belgium in 2019 and the United Arab Emirates in 2021.

Dr Masisi said in 2020, when ODC’s diamond production entitlement was increased from 15 per cent to 25 per cent, it capitalised on the dual viewing, to host diamond viewing in two countries outside of Botswana, being the United Arab Emirates and Belgium respectively.

He hailed ODC for breaking the world record for the largest one-day Rough Diamond Auction sale ever conducted for rough natural diamonds in September 2021 to generate sales revenues of US$123 million (about P1.3 billion) for a one-day Diamond Auction sale.

“As if that was not enough, ODC went on to break their world record again for the largest one-day Diamond Auction Sale ever conducted for rough natural diamonds in February 2022 to generate sales revenues of US$182 million (about P1.9 billion) for a one-day Diamond Auction sale,” he said

Dr Masisi said the diamond industry was evolving and  the company therefore must remain committed to technological advancements, sustainable practices and the development of Batswana.

He called for all to continue to adapt to the changing global landscape while remaining steadfast in the commitment to values, as well as investing in cutting-edge technology, fostering innovation and ensuring that people were equipped with the skills and knowledge to excel in the dynamic field.

“It is our responsibility to ensure that the dividends from this company continue to enrich the lives of our citizens, funding our education, healthcare, and infrastructure,” said Dr Masisi. Ends