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

Date : 06/25/2019 @ 7:41AM
Source : Dow Jones News
Stock : Anglo American (QX) (NGLOY)
Quote : 12.55  0.536 (4.46%) @ 9:12PM

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

Anglo American (LSE:AAL)
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By Oliver Griffin

 

Anglo American PLC (AAL.LN) said Tuesday that its majority-owned De Beers Group experienced a fall in rough diamond sales for the fifth sales cycle of the year, citing a challenging environment in China and a cautious approach from rough-diamond buyers.

The diversified mining company said diamond producer De Beers--which reports on 10 sales cycles each year--sold $390 million of rough diamonds in the fifth cycle of the year compared with $581 million for the same cycle in 2018.

In the fourth cycle of 2019, De Beers sold $416 million of rough diamonds.

De Beers Chief Executive Bruce Cleaver said: "While overall retail sentiment for diamond jewelry in the U.S. remains solid, a more challenging environment in China and higher-than-normal polished-diamond inventories in the midstream resulted in a cautious approach from rough-diamond buyers during the fifth cycle of 2019."

 

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

 

(END) Dow Jones Newswires

June 25, 2019 02:26 ET (06:26 GMT)

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

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