De Beers announced its decision to move its auction headquarters from Singapore to Gaborone, Botswana, as part of the diamond miner’s cost-cutting initiatives.
The relocation aims to streamline operations and improve efficiency while supporting the development of Botswana’s diamond sector.
De Beers Group Auctions, responsible for around 10% of the company’s rough-diamond sales, will temporarily pause operations and sales events during the transition period, which is expected to take place over the coming months.
Consolidating the auctions business with Global Sightholder Sales (GSS), located in Gaborone since 2013, will enhance efficiency, foster stronger partnerships, and contribute to the growth of diamond-industry skills in Botswana, according to De Beers.
De Beers CEO Al Cook expressed satisfaction with the decision, highlighting the successful operation of the Global Sightholder Sales business in Botswana for over a decade. He emphasized that the move will drive cost efficiencies and better meet customer needs.
The decision aligns with Anglo American’s plan to reduce De Beers’ annual overheads by $100 million following losses in the second half of 2023.
Additionally, ongoing discussions between De Beers and the Botswana government aim to finalize a deal, building on the heads of terms signed in October 2023.
