Okavango Diamond Company (ODC) sold about 1.31 million carats of rough diamonds for $240.3 million (P3.25 billion) in disclosed spot auctions during the first nine months of 2026, with third-quarter results showing a sharp increase in volumes even as the average value of goods sold declined.
First-quarter auctions generated $79.4 million (P1.07 billion) from 333,766 carats, at an average $238 (P3,220) per carat. Disclosed second-quarter sales, covering May and June, brought in $55.6 million (P752 million) from 244,789 carats, averaging about $227 (P3,071) per carat.
The third quarter was the strongest of the year by both value and volume, generating $105.3 million (P1.42 billion) from about 736,253 carats. September alone accounted for an estimated 459,595 carats worth $39.48 million (P534 million), lifting quarterly volumes substantially.
Higher volumes, however, came with a lower blended value of about $143 (P1,935) per carat in the third quarter, compared with $227 in the second and $238 in the first. The decline does not necessarily signal an equivalent fall in rough-diamond prices, as ODC’s assortments vary significantly in size and quality. September included sizeable volumes of lower-value goods, while higher-quality stones continued to command substantially higher prices.
Botswana’s broader diamond trade also points to an uneven recovery. Rough-diamond exports rose 14.8% between the first and second quarters, from P6.70 billion to P7.69 billion. At P14.39 billion for the first half, however, exports remained about 41% below the P24.24 billion recorded in the first half of 2025.
Total diamond exports, including polished stones, amounted to P18.76 billion in the first half, about 34% lower year-on-year, as weaker polished exports offset the second-quarter improvement in rough diamonds.
ODC’s longer-term performance illustrates the industry’s volatility, with sales rising from $181 million (P2.45 billion) in 2020 to about $1.2 billion (P16.24 billion) in 2022, before moderating to $425 million in 2024 and $457 million in 2025. Importantly, the 2026 figures represent disclosed spot-auction sales rather than ODC’s total company sales, as its sales channels have become more diversified.