Botswana Holds Surprise Diamond Auction in Bid to Raise Funds

Botswana is holding an unprecedented ad-hoc diamond auction, in a bid to raise money as its economy suffers from a slump in the global gem market.

State trader Okavango Diamond Co. is offering about 1 million carats of rough diamonds in a “closed” tender on Thursday, spokesperson Dennis Tlaang said. Today’s sale differs from the usual process, where ODC conducts auctions for a list of registered buyers that are scheduled well in advance.