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De Beers announces Diamdel restructuring measures

June 11, 2007

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London—In a move meant to focus resources and operations for its long-term strategy as well as to meet obligations to African countries, De Beers announced it will restructure the Diamdel group of companies, which provide rough diamonds to non-sightholders.

The proposed reorganization takes into account a continued commitment to support the secondary market, De Beers stated.

"Diamdel will continue to sell to non-sightholders, principally through Diamdel NV in Antwerp and Hindustan Diamond Corp. (HDC) in India," the company said in a statement. "All operations, with the exception of HDC, will be scaled back, as appropriate, so that we retain maximum flexibility to service our customers' needs, whilst being mindful of cost efficiencies."

In South Africa, the Diamdel office will cease trading. De Beers has agreed to provide diamond skills and services to the soon-to-be-established State Diamond Trader. In Namibia, it is expected that the Namibia Diamond Trading Co.—the recently established sales and marketing company owned jointly by de Beers and the Namibian government—will consider applications for supply from any diamond-manufacturing operation in the country. To be eligible, companies must have a valid Namibian cutting and polishing license.

"Reshaping the De Beers Group is necessary to meet the challenges of being a world-class diamond company in an evolving market place. The Diamdel restructuring is part of this transformation," De Beers said.
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