Anglo American's De Beers Diamond Sales Fell 11% in Quieter Ninth Cycle
November 16 2022 - 2:56AM
Dow Jones News
By Ian Walker
Anglo American PLC said Wednesday that rough-diamond sales by
its majority-owned De Beers Group fell 11% in 2022's ninth sales
cycle compared with the previous cycle, a traditionally quiet time
for the industry.
The FTSE 100 diversified mining company said De Beers sold $450
million worth of diamonds in the ninth sales cycle of the year,
compared with $508 million in the eighth cycle and $438 million in
the ninth cycle of 2021. There are 10 sales cycles each year.
"We saw good demand for our rough diamonds during cycle nine
with sales reflecting what is traditionally a quieter time for the
diamond midstream ahead of polishing factories reopening in India
following the Diwali holidays," De Beers Group Chief Executive
Bruce Cleaver said.
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 world. The
figures are based on expected sales between Oct. 31 and Nov.
15.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
November 16, 2022 02:41 ET (07:41 GMT)
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