November move chosen to meet needs of India and Middle East markets.
The De Beers Group of Companies has announced plans to relocate its purchasing, production and sales base to Singapore as part of its drive to focus on the needs of existing and new customers in India and the Far East.
The move will take effect from November 2013. De Beers will also 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 its intention to provide customers of its rough diamond auctions with forward contract sales which will allow buyers to gauge the volume of goods they wish to purchase and the time frame over which they wish to do it.
About 10% of the company’s rough diamonds are sold through its auction platform but says the introduction of forward contract sales will enable customers to engage in forward planning, and help them meet their business requirements.
The diamond company will also continue to hold spot auction events to provide customers with additional flexibility to purchase the type and quantity of the goods they need.
De Beers chief executive Philippe Mellier said: “Offering forward contract sales through our auction platform, and moving the base of our auction sales to Singapore, will further enhance our compelling proposition to a diversified global customer base, support our position as the leading distributor of rough diamonds via online auctions, and deepen our insight into rough diamond demand.”
De Beers’ auction product range includes stones dubbed ‘Specials’ and ‘Exceptional’, differentiating the offer to the typical boxes offered to Sightholders. The Special and Exceptional stones are also widely marketed and auctioned at dedicated events to specifically recognise their unique value.