De Beers shifts its auction hub

The world's largest diamond producer, De Beers Group, announced a significant shift in its sales operations, relocating its auctions headquarters from Singapore to Gaborone, Botswana. This move streamlines De Beers' business and offers a convenient one-stop shop for Surat and Mumbai diamantaires, who are major clients of the company.

Previously, Surat and Mumbai diamantaires, including sightholders or clients, frequented both Botswana and Singapore for their rough diamond purchases. De Beers operates a sight system where sightholders receive regular allocations of rough diamonds. Additionally, the company conducts auctions for a smaller portion of its production.

“De Beers Group today announced it is relocating the De Beers Group Auctions business headquarters from Singapore to Botswana,” the company stated. This decision strengthens De Beers' commitment to developing Botswana's diamond industry, a key partner in their operations. De Beers' sightholder sales have already been successfully conducted in Gaborone for over a decade, paving the way for a smooth integration of the auctions business.

The Government of Botswana also sees this move as a positive development. Emma Peloetletse, Permanent Secretary to the President, stated, “The relocation of De Beers' Auctions business to Botswana underscores our growing role as a global hub for the diamond industry and will further enhance our economy and bolster skills development in the sector."

This relocation is expected to benefit both De Beers and its Indian customers. By streamlining operations and offering a single location for both sight sales and auctions, De Beers anticipates increased efficiency and cost savings. For Indian diamantaires, the one-stop shop in Gaborone eliminates the need for frequent travel between Singapore and Botswana, simplifying process.