Okavango Diamond Company - establishment and launch of its online sales platform for the auctioning of rough diamonds in Botswana04 Jul 2013
Slaughter and May is advising Okavango Diamond Company ('ODC'), a wholly owned subsidiary of the Government of the Republic of Botswana ('Government'), on the establishment and launch of its online sales platform for the auctioning of rough diamonds in Botswana.
ODC is holding a pilot sale in Gaborone from 26 June 2013 to test the sales platform, ahead of a full launch of its commercial sales operations in September 2013.
ODC was established by Government following the renewal of the sales agreement in relation to the sorting, valuing, marketing and sale of Debswana's diamond production between Government and De Beers. The sales agreement provides for Government to purchase and sell 12% of Debswana's production in 2013, rising to 15% by 2016.
The establishment of ODC provides Botswana with its own sustainable, commercial diamond sales channel. It will provide Government with greater insight into diamond market trends and, as part of the Government’s broader strategy, will help to cement the country's growing position and reputation as a leading centre for the production, sale and manufacture of diamonds.
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