The Okavango Diamond Company (ODC), Botswana’s state-owned rough diamond trader, has canceled its upcoming sales due to continued low demand. The rough viewings scheduled from December 3 to 13, along with a spot auction on December 16, will not take place. This cancellation follows the earlier decision to scrap ODC’s November sale.
Despite these cancellations, the company will proceed with its October auction. Viewings are currently taking place ahead of the sale set for October 7.
In an email to clients, ODC did not specify the reasons for the cancellations but expressed regret for any inconvenience caused. The email was obtained by Rapaport News.
ODC’s website indicates that auction dates will be confirmed “on a sale-by-sale basis” due to “current market conditions.” The company had made similar postponements last year amid a downturn in trading.
Several diamond miners are also adjusting their sales in response to an oversupply in the market. De Beers, for example, canceled its August sight, combining it with the October sale into a September trading session that began this week.
Under a new sales agreement, ODC is entitled to sell 25% of rough diamonds from Debswana, a joint venture between the Botswana government and De Beers. This share is expected to increase to 30% and potentially up to 50% in the future.
ODC did not respond to requests for comment before press time.
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