Okavango Diamond Company Officially Launched

(IDEX Online News) – The Okavango Diamond Company (ODC) has been officially launched in Gaborone, Botswana, by President Ian Khama following a successful pilot sale of rough diamonds in July.

ODC’s first sale will start on September 23, with viewings running for two weeks and an online auction on October 9.

Okavango Diamond Company (ODC) is a rough diamond distribution company that is wholly owned by the government of Botswana. It was established last year to market some of Debswana’s rough diamond production.

ODC is entitled to purchase and sell 12 percent of Debswana’s total production in 2013, rising to 15 percent by 2016, and its sales are expected to be more than $400 million each year.

The company will hold regular sales via its customized online auction platform following viewings of its diamonds at its purpose-built facility in Gaborone. ODC also plans to introduce fixed-term supply contracts in 2014.

In his keynote speech, Khama 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.”

Meanwhile, ODC Chairman Jacob Thamage, stated, “ODC’s establishment will help transform Botswana into a leading rough diamond sourcing destination.”