Botswana’s diamond trade is on the rise despite industry uncertainty over efforts to sanction Russian stones. De Beers has relocated its auctions headquarters from Singapore to Botswana, while the secretariat of the Kimberley Process, a trade regime that certifies rough diamond exports to eliminate trade in conflict gems, also moved to the African nation.
De Beers, which has a long-standing sales agreement with Botswana, sells 10 percent of its diamonds through auctions.
De Beers’ Executive Vice President Paul Rowley said the relocation of its auctions office is part of an effort to streamline its business operations and facilitate the further development of Botswana’s diamond sector.
“The auction platform coming across, it will bring some additional customers and also auction sales will also enable us sell to small players and perhaps some Botswana nationals will be able to register and engage in that platform. That will be very exciting from that perspective,” he noted.
