In a strategic decision that underscores its commitment to operational efficiency and the growth of Botswana’s diamond sector, De Beers Group has announced the relocation of its auctions headquarters from Singapore to Gaborone.
The move aligns with the company’s cost-cutting initiatives and is set to bolster the local diamond industry.
“The relocation supports De Beers’ focus on streamlining its operations and enhancing the efficiency of its activities, while also facilitating further development of the diamond sector in Botswana,” the company said in a statement.
The transition, which will see the auctions business join the company’s trading unit – Global Sightholder Sales (GSS) – in Gaborone, aims to consolidate De Beers’ diamond-trading operations. GSS moved to Gaborone from London in 2013.
The auctions division, responsible for approximately 10 percent of De Beers’ rough-diamond sales, is expected to suspend operations until the relocation is finalised over the coming months.
The relocation is poised to have a significant impact on Botswana, potentially leading to job creation, skill enhancement, and a stronger partnership between De Beers and the nation.
It coincides with ongoing negotiations for a definitive agreement between De Beers and the Botswana government following an initial agreement in October 2023.
Botswana wants a greater share of the proceeds of its diamond resources compared to what it is currently getting.
JN/APA