Diamond company De Beers officially commenced operations Tuesday at its base of operations in Gaborone, the capital of Botswana, it said in a press release. The move marks a radical change for the company and for the entire global diamond industry, as De Beers, one of the largest players in the market, was previously based in London, England for almost 80 years.



The first phase of the relocation was completed a full two months ahead of schedule. Over the course of the next twelve months, De Beers employees and technical equipment will be transferred to Africa. By the end of the 2013 calendar year, De Beers will sell to its Sightholders aggregated diamonds which originate from all of its production centers. At that point, the firm estimates that approximately $6 billion worth of the gems will be passing through Botswana.



Botswana Vice President and Minister of Minerals, Energy and Water Resources Dr. Ponatshego H.K. Kedikilwe spoke at the official launch ceremony and noted the significance of the milestone shift.