ODC CONDUCTS SALE OF SPECIAL DIAMONDS
ODC to sell Over 650 000 of carats
Okavango Diamond Company (ODC) will conduct sales of over 650 000 carats of special diamonds on November 1st, following the exhibition at Dubai Multi Commodities Exchange (DMCC). The viewing of the diamonds was conducted last week in Antwerp before returning to Botswana where they will be sold. Earlier this month, ODC marked an inaugural entry into the third largest diamond trading market in United Arab Emirates.
The relationship between ODC and the DMCC/DDE is expected to add value to the emerging phase of Botswana’s diamond industry and ODC is expected to leverage on Dubai’s diamond gateway to bring many industry players, who may not necessarily be able to travel to Botswana regularly due to the COVID-19 pandemic, to participate in its online auction diamond sales wherever they are, in any part of the world. ODC hosts dual viewings for some of their 10 auctions per year. The viewings are hosted in Gaborone and other leading diamond trading centres such as Antwerp, Mumbai, and Tel Aviv. In a statement, Communications Coordinator, Dennis Tlaang said the diamond market experienced a recovery in 2020, which went into 2021. “This, along with the increased production from Debswana, led to ODC management choosing to host three specials-only sales in 2021. The viewing in Dubai was for the benefit of those that will participate in the specials-only auction that will take place in Botswana in November.” He said ODC sells its goods via an online auction; the company held its October Sale auction on the 13th of October
2021, and netted over US$110m. ODC is currently in the no.1 spot for holding the largest, by sales value, one day auction for rough diamonds. “In the past 18 months, ODC has proven to be an agile organisation that can pivot in line with prevailing operating conditions.
The impact of COVID-19 on the whole world and the operations of the global diamond market couldn’t have been foreseen and yet ODC has managed to not only succeed but to thrive with record sales volumes. The week in Dubai is, hopefully, the beginning of a new direction in ODC’s quest to be a leader in rough diamond trading,“said Tlaang. Speaking during the exhibition recently, ODC Managing Director, Mmetla Masire said they are always looking for new ideas and looking at ways to do things better hence recognising the important role the DMCC/DDE should fulfil in achieving ODC’s vision to be a world leader in the sales and marketing of natural diamonds. “We are excited by the journey ahead and feel privileged to have the DMCC/DDE play a part in this important phase in the development of ODC and the Botswana’s diamond industry.”