De Beers Moves Diamond Sales Base to Singapore

As part the diamond company's drive to build a long-term offering to emerging market customers in India and the Far East, De Beers will relocate the purchasing, production and sales base for its auctions to Singapore. The move will take effect from November 2013.

De Beers will continue to operate its existing network of auction viewing offices in Antwerp, Israel, Dubai and Hong Kong, through which customers can view diamonds being auctioned and engage with their account managers.

De Beers also announced that it will begin providing customers of its rough diamond auctions with an opportunity to determine the volume of goods they wish to purchase, over a given period, through the introduction of forward contract sales.

Approximately 10% of De Beers’ rough diamonds are sold through its auction platform. De Beers will continue to hold spot auction events that provide customers with additional flexibility to purchase the type and quantity of the goods they need. The introduction of forward contract sales will enable customers to engage in forward planning, and help them meet their business requirements.

http://www.israelidiamond.co.il/english/News.aspx?boneID=918&objID=13241