By Michael Susin

 

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell 22% in 2022's eighth sales cycle compared with the previous cycle, in line with expectations.

The FTSE 100 diversified mining company said De Beers sold $500 million worth of diamonds in the eighth sales cycle of the year, compared with $638 million in the seventh cycle and $492 million in the eighth cycle of 2021.

"Demand for our rough diamonds during sales cycle 8 was in line with expectations at what is a traditionally quieter time of year for the diamond industry as polishing factories in India prepare for closures ahead of the Diwali holidays," Chief Executive Bruce Cleaver said.

The company said the steady demand reflects continued consumer demand for diamond jewelry ahead of the key holiday sales season in the U.S.

 

Write to Michael Susin at michael.susin@wsj.com

 

(END) Dow Jones Newswires

October 05, 2022 02:34 ET (06:34 GMT)

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