Anglo American's De Beers Sold Fewer Diamonds in Fifth Cycle
25 June 2019 - 04:41PM
Dow Jones News
By Oliver Griffin
Anglo American PLC (AAL.LN) said Tuesday that its majority-owned
De Beers Group experienced a fall in rough diamond sales for the
fifth sales cycle of the year, citing a challenging environment in
China and a cautious approach from rough-diamond buyers.
The diversified mining company said diamond producer De
Beers--which reports on 10 sales cycles each year--sold $390
million of rough diamonds in the fifth cycle of the year compared
with $581 million for the same cycle in 2018.
In the fourth cycle of 2019, De Beers sold $416 million of rough
diamonds.
De Beers Chief Executive Bruce Cleaver said: "While overall
retail sentiment for diamond jewelry in the U.S. remains solid, a
more challenging environment in China and higher-than-normal
polished-diamond inventories in the midstream resulted in a
cautious approach from rough-diamond buyers during the fifth cycle
of 2019."
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 25, 2019 02:26 ET (06:26 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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