Government has formed a new private diamond trading company that will purchase, market and sell the 10 to 15 percent portion of Debswana production that the state is entitled to through the new marketing agreement signed with De Beers last year. Styled Okavango Diamond Trading Company, the new company is expected to independently auction an estimated $300 million (P2,250 million to $350 million (P2,625 million) worth of diamonds on the open market per annum from Debswana's average $3 billion-a-year supply. In his Committee of Supply speech to Parliament this week, the Minister of Minerals, Energy and Water Resources, Ponatshego Kedikilwe said his ministry had completed the incorporation of the private company, which is wholly owned by government.
"The interim board of directors of the company has been appointed and the appointment of Chief Executive Officer will follow suit immediately as the potential candidate to set up the company has already been identified," Kedikilwe said.
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