Advanced Search

De Beers to Shut Dubai Auction Base

Jun 15, 2017 7:54 AM   By Joshua Freedman
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

De Beers will close its auction-sales office in Dubai due to declining demand from local companies, the miner has announced.

Operations will cease on July 31, meaning De Beers will no longer display rough diamonds there from the year’s sixth sales cycle onward, the company told clients this week in a letter obtained by Rapaport News.

The global rough-auctions business has shifted focus to Mumbai since the establishment of a special notified zone (SNZ) in the Bharat Diamond Bourse in 2015. Before then, many traders in India would travel to Dubai to source rough.

“Our ability to meet Indian-based customer needs...through the SNZ over the last year and a half or so has been a great success, and we continue to see significant opportunities in India,” a De Beers spokesperson said Thursday.

“However, this has carried the consequence of steadily diminishing demand from Dubai-based businesses over that period to the point where a business case for a permanent Dubai presence no longer makes sense for us,” he added.  

Customers whose business with De Beers is currently managed through Dubai will receive new account managers in Mumbai. Meanwhile, potential buyers will be able to view diamonds at the SNZ in Mumbai or at De Beers’ other offices in Antwerp, Tel Aviv, Hong Kong and New York. 

De Beers is working to find alternative employment for the two members of the account-management team in Dubai. The company — which set up the base in 2011 — will still have a presence in the emirate through representatives of Global Sightholder Sales, De Beers’ contract-sales operation.
Tags: Antwerp, Auctions, De Beers, De Beers auction sales, De Beers auctions, Dubai, Global Sightholder Sales, Hong Kong, IDTC, India, India Diamond Trading Centre, Joshua Freedman, mumbai, new york, Rapaport News, Rough Diamonds, rough trading, SNZ, special notified zone, US
Similar Articles
DDG 140Diamonds Do Good Doles Out $100K in Grants
Oct 05, 2021
Diamonds Do Good (DDG) will give $100,000 in grants to entrepreneurs from diamond-producing countries in southern Africa.The funds
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.