London— De Beers Group has revealed plans to relocate its auction headquarters from Singapore to Gaborone, Botswana, in the coming months.
During the transition period, De Beers will abstain from hosting any auctions until the relocation process is finalized.
The decision to move underscores De Beers’ commitment to optimizing operations, enhancing efficiency, and fortifying partnerships, the company stated. Additionally, it aims to further nurture the growth and development of Botswana’s diamond industry, reflecting De Beers’ confidence in the nation’s capabilities and strategic growth agenda.
Emma Peloetletse, representing the Botswana government as the permanent secretary to President Mokgweetsi Masisi, affirmed, “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.”
This move follows De Beers’ earlier relocation of its sightholder sales from the United Kingdom to Botswana in 2013, as part of the 10-year sales agreement established between De Beers and the Botswana government in 2011. The successful continuation of this partnership was reaffirmed with a new 10-year sales agreement in principle in June 2023.
De Beers Group CEO Al Cook described the transfer of the auctions business as a “logical and positive move,” expressing confidence that consolidating the global diamond trading business under one roof will yield cost efficiencies and better cater to customer requirements. Cook also emphasized his belief that this relocation will contribute to the ongoing advancement of Botswana’s dynamic diamond sector.
