De Beers Holds First Auction in Botswana
May 08, 25
(IDEX Online) - De Beers diamond auctions have resumed after a year-long pause.
They've been relocated from Singapore, where they were held from 2013, to Gaborone, Botswana.
The move aims to "enhance operational efficiency and support Botswana's position as a major player in the global diamond value chain".
De Beers moved its Sights from the UK to Gaborone, Botswana, in 2013. It is keen to consolidate global diamond trading operations in Botswana, where the vast majority of its diamonds are produced.
De Beers says it ran a small-scale trial event for sightholder customers only during Cycle 3 (March 31 to April 4) and will open up its Cycle 4 (May 5 to May 9) auction to all 1,000 of its registered customers online.
The UK-based miner sells around 10 per cent of its rough, by value, via these auctions (90 per cent is sold to sightholders).
Paul Rowley, executive vice president of diamond trading for De Beers Group, said: "It is exciting to now have our diamond trading operations officially united under one roof in Botswana and we are confident that this move will contribute to the continuing development of Botswana's diamond sector.
"The positive participation and results from our first auction event following the relocation are encouraging, and we look forward to increased customer participation in the coming months."