Botswana’s state-owned rough diamond trader, Okavango Diamond Company (ODC), has generated more than P2 billion from auction sales in the first eight months of 2026, highlighting continued demand for Botswana’s stones despite a subdued global market.
ODC sold about 855,000 carats for $200.7 million through its auctions during the period. Third-quarter sales have so far contributed $65.8 million from 276,658 carats, including $35.43 million in July and $30.36 million in August.
August volumes increased 3.2 percent to 140,538 carats, with almost the entire offering 99.7 percent sold. Revenue nevertheless fell from July as the month’s assortment contained fewer high-value individual stones, underscoring the growing importance of exceptional diamonds to ODC’s earnings.
The latest figures follow $79.3 million from 333,766 carats in the first quarter and $55.6 million from auctions held in May and June. ODC realised about $233 a carat in the first half, compared with roughly $238 a carat in the third quarter so far.
However, auction revenue does not represent ODC’s entire sales portfolio, with the company also selling through contracts, citizen tenders and other channels. In 2025, ODC sold about three million carats from an allocation exceeding four million carats, while government reported total sales of $457 million, up from $425 million in 2024.
The trader is gaining greater access to Debswana production under the 2025 Botswana-De Beers sales agreement. Its entitlement has risen from 25% to 30% and is scheduled to reach 40 percent by the end of the 10-year agreement, increasing the volume Botswana can market independently.
The expansion comes against a difficult market, with the Bank of Botswana reporting a 10.4 percent second-quarter decline in its global rough diamond price index amid weak demand, excess inventories and laboratory-grown competition.