Botswana’s state-owned Okavango Diamond Company has temporarily halted its rough stone sales as part of an industry-wide drive to reduce the glut of inventory caused by lower global demand for jewelry, its managing director Mmetla Masire said on Tuesday.
The company has cancelled its November auction and a decision on the December sale is still to be made as the industry battles slowing demand for cut and polished diamonds in the US and China, Masire said. In August, De Beers said it would allow its customers to defer some of their purchases for the rest of the year.
“We are still to decide on what percentage of our allocation will be sold through contract sales to complement our auctions,” Masire said.
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