Anglo American's De Beers Rough-Diamond Sales Dropped in Ninth Cycle
08 November 2023 - 6:53PM
Dow Jones News
By Elena Vardon
Anglo American said rough-diamond sales by its majority-owned De
Beers Group fell in the ninth cycle of the year as it continued
with reduced diamond availability while macro-economic challenges
weighed on the sector.
The FTSE 100 diversified mining company said Wednesday that De
Beers sold $80 million of diamonds in the ninth sales cycle of the
year, compared with $200 million in the eighth cycle of 2023, and
$454 million in the ninth cycle of 2022. There are 10 sales cycles
each year.
"The retail recovery in China remains slow. And the voluntary
import moratorium on rough diamonds into India will see extended
Diwali holidays and factory closures in the world's largest diamond
cutting centre," De Beers Chief Executive Al Cook said.
"De Beers maintained support for its Sightholders with full
purchase flexibility as the midstream re-establishes an equilibrium
between wholesale supply and demand," Cook added.
Anglo American said sales are provisional figures and based on
expected sales between Oct. 4 and Nov. 3.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
November 08, 2023 02:38 ET (07:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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