- ODC cancels second straight sale after November date was also set aside
- Company schedules 10 sales per year which draws local and int’l buyers
- ODC says October sale will continue as planned
BONGANI MALUNGA
State-owned rough diamond trader Okavango Diamond Company (ODC) has cancelled a sale that was scheduled to take place in December.
This is the second successive sale that ODC has withdrawn after the November sale was set aside because the global demand for diamonds was low.
In accordance with its sale policy, ODC schedules 10 sales per year in an arrangement that draws local and international buyers.
October sale on schedule
The November and December dates have been cancelled as reported by global news agencies, Rapaport News and Jewellery Monthly UK, which cited emails sent to prospective buyers confirming that the sales have been set aside.
The company had pencilled in rough viewings from 3 to 13 December and a site auction on 16 December. However, the company has assured prospective buyers that the October sale will continue as planned on the 7th from 12pm Central African Time (CAT).
Through their website, ODC has adopted a proactive approach after informing customers that dates are subject to change, and customers are informed immediately.
“Due to market conditions and the uncertainty of ODC’s viewings, future dates will be confirmed on a sale by sale basis,” it said in a statement.
Pragmatic approach
The pragmatic approach has been hailed by industry experts as a calculated move, given the unpredictable nature of the market.
The cancellation of sales is not unusual as many of the world’s leading diamond traders have resorted to adjusting their pre-set sale dates because the global market is experiencing an oversupply of diamonds.
De Beers combined its August and October sales into one session last month (23-27 September) in order to reach a compromise between supply and demand as the market is facing a difficult spell.
De Beers sales on course
Sights 7 and 8 were scheduled to take place from 26 to 30 August and 7 to 11 October respectively.
The company has announced that Sight 9 will take place from 4 to 8 November while the last sale of the year will take place from 2 to 6 December.