Botswana’s state-owned Okavango Diamond Company (ODC) will begin its first direct diamond sales to contracted buyers in November 2025, marking a major shift in how the country markets its most valuable resource. The move follows a revised 10-year sales agreement between the Botswana government and De Beers, granting ODC greater autonomy in selling its share of Debswana’s production, as reported by Reuters.
Under the updated deal, ODC’s allocation from Debswana production increased from 25% to 30%, with a gradual rise to 40% by the end of the contract term. A previous clause preventing ODC from offering contract sales in competition with De Beers was also removed, paving the way for the state company to enter long-term supply agreements with global buyers.
ODC Managing Director Mmetla Masire confirmed that two pilot contract sales will take place in November, with a full rollout expected thereafter. “This new approach allows us to build stronger relationships with our clients while ensuring a steady revenue stream for Botswana,” Masire said. The company will continue to sell the remaining portion of its diamonds through auctions, strategic partnerships, and local channels.
The launch comes amid a challenging period for the global diamond industry, where weak demand and the rise of lab-grown alternatives have pressured prices. ODC’s revenues reportedly dropped by about 40% in 2024, contributing to a 3% contraction in Botswana’s economy, according to IMF figures. However, recent auction results have shown modest signs of recovery, suggesting the market may be stabilizing ahead of the new sales framework.
