26 April 2024
De Beers will relocate its auctions headquarters from Singapore to Gaborone, Botswana, amid cost-cutting efforts at the diamond miner.
“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 Thursday.
The De Beers Group Auctions business, which sells around 10% of the company’s rough-diamond production, will pause operations and sales events until the move is complete. The process will take place over the coming months, the miner added.
The change will mean the auctions business is in the same location as Global Sightholder Sales (GSS), the De Beers trading unit that oversees sales to sightholders and accredited buyers. This moved to Gaborone from London in 2013.
Bringing the two functions to the same city will enhance efficiency, strengthen partnerships, and support the development of diamond-industry skills in Botswana, the company explained.
“I am very pleased that we are consolidating our global diamond-trading business under one roof,” said De Beers CEO Al Cook.
“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.”
Anglo American, De Beers’ parent company, has said it planned to reduce the diamond miner’s annual overheads by $100 million following losses in the second half of 2023.
The news also comes amid ongoing talks over a final deal between De Beers and the Botswana government following the signing of heads of terms in October 2023.
Source: https://rapaport.com/news/de-beers-moving-auctions-head-office-to-botswana/
