Okavanga Diamond Company sells record rough diamonds in 2021

OKAVANGO Diamond Company (ODC), Botswana’s state-run diamond trader, posted record revenue last year after sales increased five-fold on a recovery in US imports, said Bloomberg News.

Dennis Tlaang, spokesman for ODC, told the newswire his company had sold $963m in rough diamonds last year in a clear sign the sector was recovering from Covid restrictions which prevented auctions and meetings for the last two years.

“The demand for natural rough diamonds remained strong throughout 2021 driven primarily by positive market sentiment in key markets such as the United States,” Tlaang said.

Sales may rise further this year after De Beers, the world’s biggest producer of the stones, pushed through one of its most aggressive diamond price increases in recent years, said Bloomberg News.

Okavango also got higher than normal prices in the sole auction it held this year, Tlaang said. “We believe this is a good indicator of the market dynamics of 2022, at least for the first half of the year,” he said.

“The company will continue to drive customer participation by marketing its rough diamond assortment in key markets such as Antwerp and Dubai.”

Under a 2011 agreement between De Beers and the government of Botswana, Okavango purchases 25% of the nation’s annual production for independent marketing, while the balance is sold through the De Beers’ trading network.