State owned Okavango Diamonds 2021 sales revenue set to clock P10 billion.

The Projects | Diamond Sales

Okavango Diamond Company sales revenue for the first 8 months of the current year 2021 have acceded over $830 million (over P9.7 billion), this was revealed by the company top brass in Gaborone this morning.

In a press conference addressed by board chair Dr Gape Kaboyakgosi, Managing Director Mmetla Masire and other executive leadership, ODC announced that the US$830 million sales revenue depicts a 484 % increase from the 2020 sales revenue of US$181 million.

The US$181 million 2020 sales revenue was a 48 % decline from the 2019 revenue of US$371 million.

The decline in 2020 was mainly due to several cancelled sales (and ODC not generating any revenue) since the end of March 2020 as markets showed signs of uncertainty, because of to the COVID-19

ODC started the year 2020 on such precarious grounds and was unfortunate given that 2019 was also a weak trading year for the industry and by extension ODC.

ODC a key player in rough diamond trading in the world, anticipates growth until at least the end of Q1 next year.

The Managing Director, Mr Mmetla Masire said the industry profitability remains healthy and demand throughout the diamond pipeline remains robust with slight softening in some categories of diamonds.

Furthermore, overall liquidity is generally good, and the state-owned entity believes that this healthy trend is positive news that was needed given the negative impact of the COVID-19 pandemic that almost crippled the entire industry.

Okavango Diamond was established in 2012 as a wholly state owned diamond marketing and sales company to sell Botswana diamonds outside De Beers price book and channels.

The company is currently allocated 25 percent of Debswana rough diamonds production as per the current agreement between De Beers and Botswana Government.

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