Diamond Sale Fails in Botswana as Buyers Refuse to Pay Up

Botswana didn’t sell any diamonds in an unprecedented ad-hoc auction as buyers refused to pay high enough prices, as the global industry continues to grapple with one of its deepest-ever crises.

State trader Okavango Diamond Co. had offered about 1 million carats of rough stones in Thursday’s “closed” tender, which differed from the usual process of auctions being held for registered buyers and scheduled well in advance. The aim had been to raise revenue for the government, Bloomberg reported people familiar with the matter as saying.