ODC sales drop by P2.5 Billion in 2020

State owned diamond sales and marketing company Okavango Diamond did not have it easy in the year 2020. Just like the rest of the global diamond industry the company which is 100 % owned by Government of Botswana recorded a massive 53 percent  decline in sales, from USD 444 million (P4.8 billion) in 2019 to USD207.5 million (P2.26 billion) in 2020, shedding over P2.5 billion.

Sponsored

Due to unfavorable market conditions, ODC remained closed, when other companies in the diamond industry resumed operations in May 2020 following the national lockdown in April 2020.

Okavango Diamond Company (ODC) is a wholly state owned diamond marketing and sales company established in 2012 to sell Botswana diamonds outside De Beers’s channels and price books.

All Debswana diamonds are sorted and valued by Diamond Trading Company Botswana (DTCB) then 15 % are marketed and sold by ODC, while 85 % are sold by De Beers Global Sightholder Sales (DBGSS). Debswana and DTCB are 50-50 joint ventures of De Beers Group and Botswana Government.

DBGSS is wholly owned by De Beers Group. Botswana Government has a direct 15 % stake in De Beers Group, the remaining 85 % of De Beers Group is owned by Anglo American. Over 60 % of De Beers global production comes from Botswana (Debswana).

Late last year Managing Director of Okavango Diamond Marcus Te Haar-grandchild of founding President Sir Seretse Khama resigned amid rumours of actually being pushed away because he is former President Ian Khama’s nephew, Ian Khama has fallen out with his successor President Masisi.

Marcus has since being replaced by Former President-late Sir Ketumile Masire’s son Mmetla Masire, who was roped in from  ODC’s parent Ministry of Mineral Resources, Green Technology & Energy Security where he was Permanent Secretary for just over a year, prior to this role Masire was Chief Executive Officer Water Utilities Corporation.

Sponsored
Total
1
Shares
Leave a Reply

Your email address will not be published.

Related Posts