De Beers Relocates Auction HQ to Botswana

Rough Market
29/04/2024 10:55

De Beers Group has moved its Auction business headquarters from Singapore to Botswana, aiming to boost operational efficiency. CEO Al Cook expressed confidence in the move's potential to drive cost efficiencies and elevate customer satisfaction.

Alongside this relocation, De Beers has introduced an online "sealed bid" tender system for rough diamond sales, catering to evolving market dynamics. The move follows a slowdown in demand for online auctions, prompting De Beers to implement significant price cuts for rough diamonds. Analysts see this as a shift towards providing greater flexibility to diamond buyers amidst market fluctuations. The strategic partnership between De Beers and Botswana could be significantly impacted by prevailing market conditions.