Anglo American's De Beers Sold Fewer Diamonds in Fourth Cycle

Date : 05/21/2019 @ 7:48AM
Source : Dow Jones News
Stock : Anglo American (QX) (NGLOY)
Quote : 13.73  0.16 (1.18%) @ 3:33PM

Anglo American's De Beers Sold Fewer Diamonds in Fourth Cycle

Anglo American (LSE:AAL)
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By Ian Walker

 

Anglo American PLC's (AAL.LN) majority-owned De Beers Group on Tuesday reported a fall in rough diamond sales for the fourth sales cycle of the year, citing a backdrop of macroeconomic uncertainty.

De Beers--which reports on 10 sales cycles each year--sold $415 million of rough diamonds in the fourth cycle of the year compared with $554 million for the same cycle in 2018.

In the third cycle of 2019, De Beers sold $581 million of rough diamonds.

"Cycle four saw lower rough diamond sales against a backdrop of macroeconomic uncertainty, and as we enter a seasonally slower period for the industry with Indian factories closing temporarily for the traditional holiday period," De Beers Chief Executive Bruce Cleaver said.

 

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

 

(END) Dow Jones Newswires

May 21, 2019 02:33 ET (06:33 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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