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Okavango Diamond Co.'s Pilot Rough Auction Nets $20M

Jul 12, 2013 10:36 AM   By Jeff Miller
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RAPAPORT... The Okavango Diamond Company (ODC) concluded its  pilot auction of approximately 123,000 carats of Debswana rough diamond production as part of a wider test of the company's core systems and processes during a sale in Gaborone.  All diamond lots offered were sold for approximately $20 million. ODC expects to fully launch its commercial sales operation in the third quarter, with viewing scheduled to begin on September 23 followed by the auction on October 9.

ODC stated that 50 local and international companies visited its facility in Gaborone’s Diamond Technology Park between June 26 and July 5 to inspect the diamond lots before taking part in the pilot online auction.

Toby Frears, the managing director of ODC, said, “The pilot sale gave us the opportunity to test every aspect of ODC’s sales process in a live environment and to gather important feedback from our customers. While the initial response from customers has been positive, we will continue to solicit feedback from all those that participated to ensure that valuable lessons are captured and any necessary enhancements can be made ahead of our full launch in September.”

ODC was created to provide Botswana with its own sustainable, commercial diamond sales channel and to provide the government with insight into diamond market trends. The company was established following the renewal of Debswana's  sales agreement with De Beers, which allowed the government to purchase and sell 12 percent of Debswana’s production in 2013. The amount of available  production will rise to  15 percent in 2016.

Tags: Botswana, Debswana, diamond auctions, Jeff Miller, ODC, rough
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