Anglo American Diamond Sales Rise in Strongest Cycle
January 24 2017 - 3:55AM
Dow Jones News
By Ian Walker
LONDON--Anglo American PLC (AAL.LN) said Tuesday its
majority-owned De Beers Group reported much higher diamond sales
during the industry's traditionally strongest first sales cycle of
the year, which was also boosted by a slightly longer period.
De Beers, the world's largest rough diamond producer by value,
reported provisional diamond sales of $720 million for the first
sales cycle of 2017 ending Jan. 23, up 71% from the $422 million
generated in the previous sales cycle. Sales for the first cycle of
2016 were $545 million.
"While the reopening of some diamond polishing operations in
India saw something of an increase in demand for smaller, lower
quality rough diamonds, we maintain a cautious outlook for these
categories as the Indian industry continues to adjust to the
post-demonetisation environment," said Bruce Cleaver, CEO of De
Beers.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
January 24, 2017 03:40 ET (08:40 GMT)
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