Botswana Holds Diamond Auction for First Time

BBC News Africa reported that for the first time, Botswana diamonds are being auctioned in the country rather than in Europe. Okavango Diamond Company is the entity doing the auctioning.

As quoted in the market news:

The BBC’s Rob Young in the capital, Gaborone, says about a dozen diamond buyers from around the world are in the city for the auction, which lasts for two weeks as they inspect the diamonds first and then bid for them in several rounds.

The government hopes diamond sales operations will bring more value-added jobs to the diamond sector, including clerical and jewellery-making work, our reporter says.

Its long-term plan is to set up a diamond hub similar to Antwerp and Tel Aviv that will continue once the diamond mines close, he says.

Click here to read the full BBC News Africa report.