ODC sales jump 35% on market recovery
Brian Benza | Friday July 8, 2016 15:46
ODC Managing Director, Toby Frears told BusinessWeek that compared to the same period in 2015, the amount of carats sold in the first half of the year were 35% higher at 1,75 million carats.
In terms of revenue, ODC’s total value of goods sold printed at $284 million, which is 23% higher than the first six months of 2015. “ODC saw a strong recovery in rough diamond prices during the first quarter of 2016 as market inventories were low and diamond manufacturers sought new rough stones for their factories following a better than expected US retail season. Since then, prices have eased back as market demand has softened and underlying prices today remain below where they were at the beginning of 2015,” said Frears. ODC was established in 2013 to market a portion of Debswana’s rough diamond production as Botswana seeks to develop its own price book through an independent window outside of De Beers’ channels. ODC is entitled to market 15% of Debswana’s total run of mine production in 2016. Meanwhile, ODC says it is in the final preparations to host viewings of its rough diamonds at the India Diamond Trading Centre (IDTC) in Mumbai, India from July 20 to 25, 2016. The viewings in India will take place in parallel with ODC’s regular viewings in Gaborone and are being undertaken to promote ODC and Botswana’s diamonds to the international market.
The diamonds being presented for viewing at the IDTC will comprise a selection of ODC’s Sales Lots, in ranges that are typically polished in India. The full production will be shown at ODC’s main viewings in Gaborone. All of the diamonds shown in India and Botswana will be sold out of Botswana at a single online auction event to be held on July 28, 2016. “We are excited about the opportunity to show our product in India, which represents ODC’s largest market. The exercise has generated significant interest and will offer many new customers the opportunity to view ODC’s diamonds and to participate in our sales,” said Fears.