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Press Release: The Okavango Diamond Company (ODC) was officially launched today in Gaborone, Botswana, by His Excellency the President, Lieutenant General Seretse Khama Ian Khama (pictured). ODC’s launch follows a successful pilot sale of rough diamonds in July and signals that the company has formally opened its doors to the global diamond market. 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.”  ODC provides the global diamond industry with access to scale supply of a full range of Botswana’s diamonds at market determined prices. The company will hold regular sales via its customized online auction platform following viewings of its diamonds at its purpose built facility in Gaborone. Recognizing the value to customers of committed and predictable supply, ODC also plans to introduce fixed term supply contracts in 2014. Commenting at the launch, ODC’s board chairman, Jacob Thamage, stated, “ODC’s establishment will help transform Botswana into a leading rough diamond sourcing destination. We are proud to be opening our doors and we look forward to welcoming customers from across the world to participate in our sales.” ODC’s inaugural sale will start on September 23, with viewings running for a two week period, culminating in an online auction to be held on October 9. Any company that is involved in the diamond supply chain and wishes to become a customer of ODC is invited to visit the ODC website www.odc.co.bw, where full details of the registration process are provided. Background to ODC
Okavango Diamond Company (ODC) is a rough diamond distribution company that is wholly owned by the government of Botswana. The company was established in 2012 to market a portion of Debswana’s rough diamond production. Under the contractual agreements governing the sale of Debswana’s diamonds, ODC is entitled to purchase and sell 12 percent of Debswana’s total production in 2013, rising to 15 percent by 2016. ODC’s sales are expected to be in excess of $400 million each year, making it a scale supplier of rough diamonds to the industry and the largest source of uniquely Botswana diamonds in the market. Debswana is Botswana’s largest diamond producer and is a joint venture between Botswana and De Beers. Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.
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