Anglo American's De Beers Rough Diamond Sales Fell in Eighth Cycle

By Joe Hoppe

Anglo American said rough-diamond sales by its majority-owned De Beers Group fell in the eighth cycle of the year compared with the earlier cycle, after reducing its diamond availability as mid-level industry areas rebalance certain areas of stock accumulation.

The FTSE 100 diversified mining company said Thursday that De Beers sold $200 million of diamonds in the eighth sales cycle of the year compared with $370 million in the seventh cycle of 2023, and $508 million in the eighth cycle of 2022. There are 10 sales cycles each year.

"De Beers will continue to support its Sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in Sights nine and 10 of 2023, suspending De Beers Group online rough diamond auctions for the remainder of 2023, and investing an additional $20 million in natural diamond marketing to help drive consumer demand during the holiday season," De Beers Chief Executive Al Cook said.

Anglo American said sales are provisional figures and based on expected sales between Sept. 18 and Oct. 3.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

October 05, 2023 02:37 ET (06:37 GMT)

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