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Covid-19: ODC suspends rough diamond sales

20 may 2020

ODC_logo.pngBotswana’s state-owned Okavango Diamond Company (ODC) has temporarily suspended its rough diamond sales due to the impact of the coronavirus pandemic.
"The company has since taken the decision to cancel its sales, which were originally scheduled during both April and May," ODC managing director Marcus ter Haarhe was quoted as saying by Mmegi.
“…we are looking at a very delicate market, which has a number of factors requiring correction before any discernible recovery can take place.” 
He said these dependencies included the easing of restrictions for consumers, rough buyers, regulators, producers, and the global movement of people and goods.
Most countries, including Botswana have closed its borders to avoid the spreading of Covid-19.
ODC, which sources diamonds from Debswana, temporarily closed its offices and its employees were working from home.  
The diamond company was however concluding its ramp-up plan to allow specific activity to resume.  
ODC was said to have earned $31.16 million from the March sale, which took place prior to the lockdown.
The highest value recorded in a single stone was that of a 102 carats sold at $641,500.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished