De Beers Group is moving its auction headquarters from Singapore to Gaborone, Botswana.
Its auctions will be temporarily paused while the move is completed. De Beers’ main sales and sorting arm has been based in Gaborone since 2013.
CEO Al Cook said in a statement: “I am very pleased that we are consolidating our global diamond trading business under one roof. 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. 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.”
In the same statement, Emma Peloetletse, permanent secretary to the president of Botswana, said: “The relocation of De Beers’ auctions business to Botswana underscores Botswana’s growing role as a global hub for the diamond industry and will further enhance our economy and bolster skills development in the sector.”
The move appears unrelated to recent announcements that Australian miner BHP has made a bid for De Beers’ majority owner Anglo American and that Anglo American may try to sell De Beers.
(Photo courtesy of De Beers)
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