The Diamond Trading Company Botswana officially opened its sorting facility in the country’s capital, Gaborone.
DTCB will sort and value all rough diamonds produced by Debswana—about 34 million carats annually—not just the goods that are to be supplied locally. In addition, most of DTC International’s goods, including diamonds produced in other countries, will be sorted there. Sorting formerly was done in London, and the new facility required shutting down major parts of De Beers’ famed London offices.
The company expects that $375 million of rough diamonds will be sold by DTCB to its 16 Botswana-based sightholders in 2008, eventually increasing to $550 million.
In a speech, De Beers managing director Gareth Penny called the building “an example of one of the largest transfers ever of commercial activities from Europe into Africa.”