Okavango Diamond Company Managing Director Mmetla Masire Steps Down as Strategic Shift Begins
GABORONE – In a significant development for the global diamond industry, Mmetla Masire, the Managing Director of Botswana’s state-owned Okavango Diamond Company (ODC), is set to vacate his position at the end of this month. Masire, who has steered the company since 2021, leaves at a pivotal moment as the organization prepares to undertake a historic expansion of its role in the global rough diamond market.
According to an official statement released by the ODC, the departure is described as an “amicable and mutually agreed decision.” The move comes as the company initiates the “next phase of its strategic journey,” a transition that promises to redefine Botswana’s footprint in the diamond value chain. To ensure continuity during this critical period, Lipalesa Makepe, the company’s long-serving Chief Financial Officer, has been appointed as the acting managing director.
A Strategic Leadership Transition at a Critical Juncture
The announcement of Masire’s departure marks the end of a transformative era for the Okavango Diamond Company. Having taken the helm in July 2021, Masire was tasked with guiding the state-owned entity through a period of immense volatility and opportunity. His exit is not merely a personnel change but appears to be part of a broader “strategic realignment” as the ODC gears up to handle unprecedented volumes of rough diamonds.
The phrase “mutually agreed decision” suggests a carefully calibrated transition. Industry insiders note that as the ODC moves from being a supplementary marketing channel to a primary global powerhouse, the skill set required for its leadership may be evolving. The Board of Directors has emphasized that this change is designed to facilitate the company’s “next phase,” implying a shift in focus toward aggressive scaling and new market penetration strategies.
The Financial Legacy of Mmetla Masire
During his tenure, Masire oversaw some of the most financially successful years in the history of the Okavango Diamond Company. His leadership coincided with a robust post-pandemic recovery in luxury demand, which the ODC capitalized on effectively.
Record-Breaking Revenues
The ODC’s statement highlighted Masire’s instrumental role in achieving the company’s highest-ever revenue figures during the 2022 and 2023 fiscal years. Under his stewardship, the ODC’s annual revenue soared, crossing the $1 billion mark—a psychological and financial milestone that firmly established the company as a heavyweight in the rough diamond trading world.
This period of financial success was not just a result of favorable market prices but also stemmed from strategic agility. Masire navigated the company through complex supply chain disruptions and shifting geopolitical landscapes that affected the global diamond trade. By maximizing the value of Botswana’s 25% allocation of Debswana’s run-of-mine production, he ensured that the national treasury received optimal returns.
Operational Restructuring and “Fit-for-Purpose” Reforms
Beyond the top-line numbers, Masire is credited with executing a “fit-for-purpose organizational structure.” This involved streamlining internal operations to make the state-run entity more agile and responsive to market needs.
One of his key contributions was the diversification of sales channels. Historically, the ODC relied heavily on spot auctions—a mechanism that offers price transparency but can be volatile. Recognizing the need for stability, Masire’s administration laid the groundwork for integrating term contracts and other sales mechanisms. This shift was critical in mitigating risk and building long-term relationships with manufacturers and diamantaires, moving the ODC closer to the model employed by major miners like De Beers and ALROSA.
Enter Lipalesa Makepe: Stability Amidst Change
Stepping into the acting managing director role is Lipalesa Makepe, a seasoned executive who has served as the ODC’s Chief Financial Officer. Her appointment is seen as a move to guarantee stability and maintain investor confidence during the transition.
Makepe is not a newcomer to the intricacies of the diamond trade. As CFO, she has been the financial architect behind the ODC’s recent record-breaking performance. Her deep understanding of the company’s balance sheet, governance protocols, and strategic financial planning makes her an ideal steward for this interim period.
Industry analysts expect Makepe to focus on maintaining operational efficiency and ensuring the seamless execution of upcoming sales cycles. Her background suggests a continued focus on fiscal discipline, which will be vital as the company prepares for the capital-intensive process of scaling up its operations to meet new volume mandates.
The Historic De Beers-Botswana Pact
The backdrop to this leadership change is the groundbreaking new sales agreement signed last year between the Government of Botswana and De Beers. This contract is widely regarded as the most significant development in the country’s diamond history since the discovery of diamonds in Orapa in 1967.
From 25% to 50%: A Massive Scaling Challenge
The new 10-year deal fundamentally alters the ODC’s mandate. Previously, the company was entitled to sell 25% of the rough diamonds produced by Debswana (the 50/50 joint venture between De Beers and Botswana). Under the new terms, this allocation is set to increase immediately to 30% and will progressively rise to 50% by the end of the decade.
Building Independent Capacity
This increase in volume is not just about selling more stones; it requires a complete overhaul of the company’s sales infrastructure. The “strategic journey” mentioned in the resignation announcement likely refers to the immense task of building this independent capacity. The ODC must now:
- Expand its client base: Finding new buyers outside the traditional De Beers sightholder network.
- Enhance valuation capabilities: Developing world-class internal expertise to sort and value a much larger inflow of goods.
- Marketing and Branding: promoting “Botswana Diamonds” as a distinct premium brand in the global luxury market.
- Masire’s departure seems timed to allow new leadership to take ownership of this specific, long-term scaling phase, which requires a distinct strategic vision focused on aggressive expansion and global marketing.
Navigating a Turbulent Global Market
The timing of this transition is also notable given the current state of the global diamond market. After the highs of 2022, the industry has faced headwinds in late 2024 and 2025 due to economic slowdowns in key markets like China and the United States, as well as the rising competition from lab-grown diamonds.
Masire has been a visible figure in the industry’s efforts to navigate these choppy waters. He was a regular attendee at major trade events, including the prestigious JCK Las Vegas show, where he engaged with retailers and manufacturers to promote Botswana’s ethical sourcing story. In an interview with JCK earlier this year, Masire expressed optimism about the long-term fundamentals of natural diamonds, despite short-term cyclical challenges.
His successor will need to navigate these immediate market pressures while simultaneously executing the long-term growth strategy mandated by the new government contract. The ability to balance these competing priorities—managing a market downturn while doubling supply capacity—will be the defining test for the ODC’s leadership team in the coming years.
Mmetla Masire’s Distinguished Public Service Record
Mmetla Masire’s contribution to Botswana extends far beyond his four years at the ODC. He is a veteran public servant and industry leader with a deep resume in the country’s minerals and energy sectors.
A Career Dedicated to Resource Management
Before taking the top job at ODC, Masire served as the Permanent Secretary at the Ministry of Mineral Resources, Green Technology, and Energy Security. In this powerful government role, he was intimately involved in policy formulation and high-level negotiations regarding the country’s natural resources. His time at the ministry gave him a unique perspective on the intersection of government policy and commercial mining interests.
Diverse Leadership Roles
His executive experience is broad and varied:
- Water Utilities Corporation (WUC): Masire served as the CEO of this vital parastatal, overseeing the country’s water supply infrastructure—a critical role in an arid nation like Botswana.
- Debswana: He also held the position of project manager at Debswana, the mining giant itself. This experience gave him “boots on the ground” knowledge of diamond mining operations, providing him with a holistic view of the supply chain from the pit to the market.
- This blend of technical mining knowledge, utility management, and high-level government policy experience made him a stabilizing force during his tenure at ODC.
Conclusion: A New Era for Botswana’s Diamonds
As Mmetla Masire steps down, he leaves the Okavango Diamond Company in a stronger financial position than when he arrived, with record revenues and a more diversified operational structure. However, the road ahead is steep. The ODC is no longer just a trading company; it is the primary vehicle for Botswana’s economic self-determination in the diamond sector.
The “amicable separation” signals a readiness to embrace the future. With Lipalesa Makepe steering the ship through the interim and the 50% allocation target looming on the horizon, the eyes of the global diamond world will remain firmly fixed on Gaborone. The coming months will reveal how the ODC plans to leverage its expanded mandate to deliver value not just for the industry, but for the people of Botswana.
