ODC’s expansion in India sparks transparency concerns

Botswana’s state-owned Okavango Diamond Company (ODC) has extended its operational reach into India, conducting rough diamond viewing sessions in Mumbai. This move has prompted fresh questions about the company’s presence in the Asian diamond hub and why details of the arrangement remain undisclosed. Documents released ahead of ODC’s May 2026 Spot Auction reveal that the company held diamond viewings in both Gaborone and Mumbai.

The Mumbai sessions took place from April 20 to April 24 at the IDTC-SNZ facility within the Bharat Diamond Bourse Complex, while Gaborone viewings were scheduled between April 22 and April 30. ODC informed buyers that appointment slots in Mumbai were fully booked, while only limited openings remained in Gaborone. This contrast underscores the strong international demand and strategic importance of the Indian market.

The auction papers also disclosed that certain sales lots were available exclusively in India, while others could be inspected in Botswana. With over one million carats of rough diamonds on offer, the scale of ODC’s operations and India’s growing role in its marketing strategy are unmistakable. The development has reignited debate over ODC’s activities outside Botswana.

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While Mumbai is widely recognized as the world’s premier diamond cutting, polishing, and trading center, little information has been made public about the company’s operations there. Key questions now focus on whether ODC maintains a permanent office, representative facility, or another operational structure in India. There is also increasing interest in the costs involved, the number of personnel employed, and the financial returns generated from this offshore presence.

As a wholly government-owned entity, ODC occupies a strategic position within Botswana’s diamond industry. The company was created to market rough diamonds independently and help Botswana capture greater value from its mineral wealth. Holding access to 25 percent of Debswana’s run-of-mine production, ODC is one of the country’s most influential diamond marketing institutions.

These revelations come as Botswana intensifies efforts to maximize revenue from its diamonds amid a challenging global market. Weak consumer demand, rising competition from lab-grown diamonds, and persistent market volatility have increased pressure on producers and governments reliant on diamond earnings. The International Monetary Fund (IMF) has noted that Botswana’s economy faces significant headwinds due to a prolonged slowdown in global diamond demand.

“Reduced diamond exports continue to affect economic growth, government revenues, and foreign exchange earnings,” the IMF warned, highlighting risks tied to the country’s dependence on the gemstone sector. Similarly, the World Bank has repeatedly emphasized that Botswana’s long-term economic resilience depends on diversification and capturing more value from its natural resources. The institution argues that mineral-rich countries must pursue deeper participation across value chains rather than relying solely on extraction and exports.

From a business standpoint, ODC’s decision to strengthen its presence in India is understandable. India remains the global hub for diamond manufacturing, handling the vast majority of rough diamond processing. Bringing rough stones closer to buyers can improve market access, lower transaction barriers, and potentially enhance pricing outcomes.

Yet, the issue drawing scrutiny is not the commercial logic behind the move but the apparent lack of transparency surrounding it. Given ODC’s role as a state-owned enterprise entrusted with marketing one of Botswana’s most valuable national assets, stakeholders are increasingly questioning whether enough information has been shared about the scale and cost of the Indian operations.

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