Anglo American's De Beers Diamond Sales Fell
August 30 2023 - 2:47AM
Dow Jones News
By Ian Walker
Anglo American said rough-diamond sales by its majority-owned De
Beers Group fell 10% in the seventh cycle of the year compared with
the earlier cycle, in the traditionally quieter summer period and
given the current economic environment.
The FTSE 100 diversified mining company said Wednesday that De
Beers sold $370 million of diamonds in the seventh sales cycle of
the year compared with $411 million in the sixth cycle and $638
million in the seventh cycle of 2022. There are 10 sales cycles
each year.
"With the prevailing economic environment leading to softer end
client demand for diamond jewelry in key consumer markets, and the
traditionally lower levels of midstream trading during the summer
period, Sightholders [authorized bulk buyers] continued to take a
prudent approach to their purchasing during the seventh sales cycle
of the year," De Beers Chief Executive Al Cook said.
Anglo American said sales are provisional figures and based on
expected sales between Aug. 14 and 29.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
August 30, 2023 02:32 ET (06:32 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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