Anglo American Says De Beers' Rough-Diamond Sales Fell
October 20 2021 - 3:00AM
Dow Jones News
By Ian Walker
Anglo American PLC said Wednesday that rough-diamond sales by
its majority-owned De Beers Group fell 6.1% in the eight sales
cycle of 2021 compared with the previous cycle, but said sales were
higher compared with the same cycle last year.
The diversified mining company said that U.S. consumer demand
for diamond jewelry continues to perform strongly ahead of the key
holiday season. It added that sales during the period were strong
ahead of the Diwali holiday when demand is likely to be hurt by the
closure of polishing factories in India.
De Beers sold $490 million of diamonds in the eight cycle of the
year compared with $522 million in the seventh and $467 million for
the eighth cycle last year. There are 10 sales cycles each
year.
Anglo American said sales are provisional figures due to a
change in the company's approach to diamond sales because of
pandemic-related movement restrictions around the globe. The
figures are based on expected sales between Oct. 4 and Oct. 19.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 20, 2021 02:45 ET (06:45 GMT)
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