By Ian Walker

 

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell 11% in 2022's ninth sales cycle compared with the previous cycle, a traditionally quiet time for the industry.

The FTSE 100 diversified mining company said De Beers sold $450 million worth of diamonds in the ninth sales cycle of the year, compared with $508 million in the eighth cycle and $438 million in the ninth cycle of 2021. There are 10 sales cycles each year.

"We saw good demand for our rough diamonds during cycle nine with sales reflecting what is traditionally a quieter time for the diamond midstream ahead of polishing factories reopening in India following the Diwali holidays," De Beers Group Chief Executive Bruce Cleaver said.

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 world. The figures are based on expected sales between Oct. 31 and Nov. 15.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

November 16, 2022 02:41 ET (07:41 GMT)

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