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De Beers abandons Switzerland for London

De Beers takes its sparkle to London Keystone

The world largest diamond company, De Beers, is to move its trading operations from the central Swiss city of Lucerne to London.

The company said it would keep an office in Lucerne, but that the sales operation of its Diamond Trading Company (DTC) would be relocated.

A spokeswoman for the company, Kate Evan-Jones, told swissinfo that it was too early to say how many of the 20 jobs in Lucerne would be affected.

She said the move was intended to bring traders closer to their clients, and that all of De Beers’ diamond selling operations would now be concentrated in London.

The company has had an office in Lucerne since 1975. It was bought out earlier this year by a consortium led by the mining conglomerate, Anglo American, and South Africa’s Oppenheimer family.

Analysts said the move had been prompted by investors’ concerns about the opaque ownership structure at Anglo and De Beers.

The move came after the companies decided to de-list their shares from the Johannesburg Stock Exchange and join the London bourse.

swissinfo with agencies

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR