Botswana’s state-backed rough diamond marketer, Okavango Diamond Company (ODC), is recalibrating its sales model in response to prolonged weakness in global diamond demand. The company plans to channel nearly half of its rough diamond allocation through structured contract sales, reducing reliance on volatile spot auctions and tenders. From Auctions to Long-Term Contracts Historically, ODC sold […]

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De Beers Group has officially resumed its Auctions business operations from Gaborone, Botswana, marking a pivotal step in consolidating its global diamond trading activities under one roof. This move follows the successful relocation of the auction headquarters from Singapore to Botswana’s capital. The relocation underscores De Beers’ commitment to strengthening Botswana’s role in the international […]

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The diamond industry experienced a sluggish start to 2024, with subdued holiday sales and declining prices, according to the Rapaport Group. While the US holiday season met the industry’s modest expectations, the overall market struggled. Prices fell, though there was slight improvement in 0.30- to 0.50-carat, D to F, IF to VVS2 diamonds. Larger fancy-shaped […]

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Lucara Diamond Corporation has officially named its extraordinary 2,488-carat diamond, discovered in August at the Karowe mine in Botswana. The gem, now known as Motswedi, holds the title of the world’s second-largest diamond ever unearthed. The name Motswedi, meaning “a water spring” or “flowing underground water that emerges to sustain life,” was chosen from over […]

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Corruption in Zimbabwe has cost the country at least $20bn in “disappeared” rough diamonds, according to veteran economist and former member of parliament Eddie Cross. He accuses the late Robert Mugabe, who served as prime minister from 1980 to 1987, of personally helping himself to $1.3bn of diamonds. “We still suffer from massive leakages of […]

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Botswana’s government has greeted news of a De Beers sell-off as “the best thing” and indicated it could increase its 15 per cent stake in the UK-based miner. Parent company Anglo American announced last month that it would ditch the loss-making company to focus on more profitable commodities, following a takeover bid (since failed) by […]

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Okavango Diamond Company (ODC) has halted all rough sales as global demand remains at record low levels. It says it has cancelled its November auction and may do likewise in December. “For the first time, we have had to build up inventory as we do not want to just irresponsibly release goods into a market […]

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The Botswana government is rethinking its proposed deal with HB Antwerp, after Canadian miner Lucara last week announced it was pulling out of a 10-year sales agreement with the company. The government said in March that it would be buying a 24 per cent stake in HB, a new venture that pledged to reinvent the […]

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The deadline is now only hours away for De Beers and the Botswana government to renew the long-standing deal that now covers the sale of 25m carats a year. The government’s minerals and energy minister Lefoko Moagi told reporters yesterday (Thursday 29 June) that no agreement had yet been reached, but that both sides were […]

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Botswana remains “confident” of reaching a new sales agreement with De Beers, despite repeated threats by President Mokgweetsi Masisi to walk away from negotiations. Government spokesperson William Sentshebeng said last week that talks were “ongoing, and we are confident that they will result in a deal that will benefit both parties”. Botswana is seeking an […]

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