Okavango readies for diamond sales launch

Staff Writer | Tuesday January 8, 2013 00:00

 

The announcement follows the appointment of Toby Frears to the position of managing director in August 2012.'These appointments mark a significant step forward for the company as we prepare ODC for its commercial launch,' said Jacob Thamage, the chairman of ODC. 'Our newest team members reflect the rich blend of national and international skills that we require to build a sustainable and globally competitive new diamond sales channel here in Botswana.'

The new appointments include the former head of sales and marketing at De Beers Diamond Trading Company (DTC), Marcus ter Haar, as deputy managing director. Thamage said that ter Haar would play an important leadership role in the company's development and long-term growth. The other appointments include that of Chief financial officer, Sales manager, Operations manager, Commercial manager, Security manager and Information technology manager.

Frears reported that the new team would join the company over the course of the first quarter of 2013.  'To have recruited such a high-caliber team speaks volumes about the potential of ODC and the dynamic future of Botswana's diamond industry,' Frears said. 'I have every confidence that, together, we will deliver on government's objectives and establish a sales channel that will further strengthen Botswana's expanding position in the global diamond market.''Frears said the company expects to launch sales in mid-2013 and that other important milestones will be announced as the team comes on board.

ODC was established in March 2012 as a key part of  Botswana's plans to establish diamond trading and other diversified diamond-related activities in the country. The company was evolved following the 2011 agreement between De Beers and the government to make a portion of Debswana's production available for sale locally, independent of the DTC. According to the agreement, the government's share of Debswana's production, 10 percent of which was available retroactively from the beginning of 2011, will increase by 1 percent each year until it reaches 15 percent in 2016.

Debswana, a joint venture between De Beers and Botswana, recorded production of 22.9 million carats in 2011.Production is however expected to have fallen by an annualised 10 percent to 19.9 million carats in 2012.Government had initially envisioned launching sales by ODC in the first half of 2012, but delays in appointing a managing director and developing a business plan put the plan on hold.