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Okavango Annual Rough Sales Increase

Top lot of the year sells for over $7.5 million.
Jan 15, 2018 7:38 AM   By Rapaport News
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RAPAPORT... Botswana’s Okavango Diamond Company (ODC) reported that rough sales rose 4% in 2017, boosted by higher prices achieved at its auctions.

Sales totaled $567 million for the year, compared to $546 million in 2016, the state-owned company said. It sold 3.417 million carats across 10 auctions held during the year, with its average price up 4% to $166 per carat.

“Overall, 2017 was a solid trading year for ODC, characterized by healthy levels of demand and prices in the first half, followed by weaker market conditions from July through to November,” managing director Marcus ter Haar said in an email to Rapaport News.

Price trends were relatively consistent across various diamond categories, he noted, adding that 0.75-carat to 1.50-carat rough was the strongest category during the first half of the year. Cheaper rough was less resilient than the gem ranges, ter Haar said.

Okavango is entitled to 15% of rough production by Debswana, the joint mining venture between the government and De Beers. The remainder of Debswana’s output goes to De Beers.

During the year, the company sold 11 single stones for more than $1 million, according to Rapaport records, with the top lot being a 155.07-carat diamond that fetched $7.6 million, or $48,700 per carat. The highest per-carat sale was for a 29.58-carat rough diamond that sold for $37 million, or $123,500 per carat.

Ter Haar said he was cautiously optimistic for the first half of 2018, after rough prices strengthened in December, and given indications that the US and Chinese holiday seasons had been favorable.
Tags: Botswana, De Beers, Debswana, diamond, diamonds, Okavango, Rapaport News
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