De Beers changing corporate structure

Major diamond dealer De Beers of South Africa is restructuring so as to separate its domestic and foreign activities. The old De Beers will handle the South African business while a new Swiss company, De Beers Centenary, will look after foreign operations. It is estimated about 80% of De Beers’ 1989 earnings came from the company’s foreign operations. Included in the international assets is the Central Selling Organization, which markets about 85% of the world’s rough or uncut diamonds and which is controlled by De Beers.

De Beers, part of the Anglo American group, reported net earnings in 1989 of about US$1.13 billion.