De Beers Rough Diamond Sales Ebb but Demand Still Stable
May 24 2016 - 3:54AM
Dow Jones News
By Alex MacDonald
LONDON--Anglo American PLC (AAL.LN) said Tuesday its
majority-owned diamond unit De Beers reported lower rough diamond
sales in line with a seasonal slowdown in buying activity but noted
that demand remains stable after the miner took action last year to
curb output and reduce a buildup of polished diamond inventories
that was weighing on rough diamond demand.
De Beers, one of the world's largest rough diamond producers and
Anglo American's second-largest earnings driver last year,
disclosed more details about its rough diamond sales to improve
industry transparency.
De Beers generated $630 million from provisional rough diamond
sales during the fourth sales cycle of 2016, ended May 23, down
from $666 million from the third sales cycle in April.
"As normal seasonal trends return to the market, we are
encouraged by the continued stability of demand for rough diamonds
shown in the fourth sales cycle of 2016," said Philippe Mellier,
chief executive of De Beers Group.
-Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
May 24, 2016 03:39 ET (07:39 GMT)
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