De Beers Group has recommenced its diamond auction operations in Botswana following the relocation of its Auctions business from Singapore to Gaborone.
The move consolidates the Group’s global diamond trading activities in Botswana, completing the transfer of its auction operations.
The Auctions business is now operating alongside the Group’s Sightholder sales activities already based in Gaborone, which distribute rough diamonds through term contracts and auctions.
Pilot Auction Conducted During Cycle 3
Sales resumed with a small-scale trial auction during Sales Cycle 3, directed at Sightholder customers. De Beers reported a high level of participation from Sightholder customers during the trial event. The majority of lots were sold, and bidding came from a wide range of participants.
The next auction, open to all registered customers holding the required licences, is scheduled to take place during Cycle 4.
Paul Rowley, Executive Vice President of Diamond Trading at De Beers, stated:
“The successful relocation of our Auctions business from Singapore to Botswana is testament to the hard work of De Beers’ Diamond Trading team and the authorities in Botswana.
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.”
