Anglo American: De Beers Rough-Diamond Sales Fell Due to India Factory Closures
24 November 2021 - 07:24PM
Dow Jones News
By Ian Walker
Anglo American PLC said Wednesday that rough-diamond sales by
its majority-owned De Beers Group in 2021's ninth sales cycle fell
13% from the previous cycle, in line with the board's expectations
given factory closures in India due to the Diwali festival.
The diversified mining company said that sentiment continues to
be positive on the back of strong demand for diamond jewelry from
U.S. consumers.
"As we head into Cycle 10, we anticipate rough diamond demand
will likewise be affected by the Christmas holiday closure of
cutting factories in southern Africa, but we expect to see positive
industry conditions prevailing into the new year in light of the
healthy outlook for the key retail selling season," De Beers Chief
Executive Bruce Cleaver said.
De Beers sold $430 million of diamonds in the ninth sales cycle
of the year, compared with $492 million in the eighth and $462
million in last year's ninth cycle, Anglo American said. There are
10 sales cycles each year.
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 globe. The
figures are based on expected sales between Nov. 8 and Nov. 23.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
November 24, 2021 03:09 ET (08:09 GMT)
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