De Beers is set to relocate its auctions business headquarters from Singapore to Gaborone, Botswana as it consolidates its global diamond trading business under one roof.
It moved its sightholder sales from the United Kingdom to Botswana in 2013 and has now operated successfully in Gaborone for more than a decade.
“Our Global Sightholder Sales business has successfully operated in Botswana for 11 years, so it is a logical and positive move to transfer our auctions business to the country,” said De Beers chief executive Al Cook.
“This move will drive cost efficiencies and support our customers’ needs. I am confident that it will also support the further development of the vibrant diamond sector in Botswana.”
De Beers Group Auctions will halt operations and sales events until the move has been completed to support a smooth transition process and to ensure that customers continue to receive the high level of service that they expect.
Meanwhile, Botswana permanent secretary to the president Emma Peloetletse said the relocation of De Beers’ auctions business to Gaborone underscores the country's growing role as a global hub for the diamond industry and will further enhance their economy and bolster skills development in the sector.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
