Anglo American's De Beers Diamond Sales Fell on Year Due to Lower Supply
20 December 2023 - 6:56PM
Dow Jones News
By Ian Walker
Anglo American said rough-diamond sales by its majority-owned De
Beers Group rose 51% in the tenth cycle of the year compared with
the earlier cycle, but this was much less than the comparable
period last year due to lower levels of supply, in line with
current demand.
The FTSE 100 diversified mining company said Wednesday that De
Beers sold $130 million of diamonds in the tenth sales cycle of the
year compared with $86 million in the ninth cycle and $417 million
in the tenth cycle of 2022. There are 10 sales cycles each
year.
"As the end-of-year holiday season progresses, we are seeing
signs that the diamond industry is regaining its balance between
wholesale supply and demand. Polished diamond prices look to have
stabilized as inventory levels have decreased, though we expect
improvements in rough diamond trading conditions to be gradual," De
Beers Chief Executive Al Cook said.
Anglo American said sales are provisional figures and based on
expected sales between Nov. 9 and Dec. 19.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
December 20, 2023 02:41 ET (07:41 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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