Reuters reported that this week, De Beers will hold its last sight in London. Moving forward, sights will take place in Gaborone, Botswana.

As quoted in the market news:

The 2011 decision to move – which will cost more than $120 million, including shiny new offices in Gaborone – follows years of negotiations between Anglo-American-owned De Beers and Botswana, the largest producer of gem diamonds and home to mines like Jwaneng, the world’s richest.
The move secured a new 10-year contract for the sorting, valuing and sales of diamonds from the Botswana mines run by Debswana, a 50:50 joint venture between De Beers and the southern African country’s government – the longest sales contract agreed to date between the two sides.
It will shift more than $6 billion of annual rough diamond sales from an international financial center to a comparative backwater with a population of 230,000, in one of the most dramatic examples of a producing country battling successfully to keep value and profits from the raw materials at home.

Click here to read the full Reuters report.

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