Anglo American's De Beers Diamond Sales Fell in 10th Cycle
December 21 2022 - 2:55AM
Dow Jones News
By Anthony O. Goriainoff
Anglo American PLC said Wednesday that rough-diamond sales by
its majority-owned De Beers Group fell in line with expectations in
2022's 10th sales cycle compared with the previous cycle.
The FTSE 100 diversified mining company said De Beers sold $410
million worth of diamonds in the 10th sales cycle of the year
compared with $454 million in the ninth cycle. In the 10th cycle of
2021 it sold $336 million worth of diamonds. There are 10 sales
cycles each year.
The London-listed multinational mining company said that due to
restrictions on the movement of people, De Beers Group implemented
a more flexible approach to rough diamond sales during the cycle
and that the event extended beyond its normal week-long
duration.
It added that because of this, the provisional rough diamond
sales figure for the cycle represents expected sales value for the
Dec. 5 to Dec. 20 period, adding that it remains subject to
adjustment based on final completed sales.
"Demand for our rough diamonds over the final sales cycle of
2022 was in line with expectations, ahead of the normal seasonal
closure of polishing factories in southern Africa over the
Christmas period and with Sightholders taking a prudent approach
ahead of restocking after Christmas and the expected re-opening of
the China market," Chief Executive Bruce Cleaver said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
December 21, 2022 02:40 ET (07:40 GMT)
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