Botswana Explores New Channels for Diamond Sales

(IDEX Online) - Botswana's state diamond company is to introduce alternative sales channels, beyond auctions.

It follows a new deal, agreed last month, under which the state-owned Okavango Diamond Company (ODC) will see its rough allocation double over a decade to 50 per cent.

"ODC auctions are too big and need to be optimized," ODC managing director Mmetla Masire told Reuters.

"We also need to de-risk the business and support other customers that want alternative selling channels."

He said the company was seeking new opportunities to sell diamonds, via the Belgian manufacturer HB Antwerp, in which it recently bought a 24 per cent stake, and through a partnership with the Dubai Multi Commodities Centre.

He also said ODC was seeking out new sources of rough diamonds, aside from Debswana, the 50/50 joint venture between De Beers and the Botswana government.

Botswana was the world's second biggest producer of gem quality diamonds, after Russia, in 2022.

Pic shows open cast mining at Orapa, Botswana.