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De Beers confirms possible Diamdel overhaul

April 20, 2007

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London—De Beers has denied speculation that it will cease operations of Diamdel, its independently managed rough-diamond trading company that supplies the secondary market, but confirmed it was looking at restructuring.

"Contrary to reports in the trade press, there are no plans to cease the Diamdel operations," said Lynette Gould, spokeswoman for De Beers External Affairs. "De Beers recognizes the importance of the secondary market. However, we can confirm that Diamdel has entered into a consultation process with employees regarding the restructuring of its operations around the world."

That's in light of the changing nature of the De Beers business model in its drive to improve efficiency and be a more effective global company, she added.

Diamdel supplies rough diamonds to non-sightholders. Currently it has offices in Belgium, China, Hong Kong, India, Israel, Namibia and South Africa.
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