Anglo American's De Beers Rough-Diamond Sales Dropped in Ninth Cycle

By Elena Vardon

Anglo American said rough-diamond sales by its majority-owned De Beers Group fell in the ninth cycle of the year as it continued with reduced diamond availability while macro-economic challenges weighed on the sector.

The FTSE 100 diversified mining company said Wednesday that De Beers sold $80 million of diamonds in the ninth sales cycle of the year, compared with $200 million in the eighth cycle of 2023, and $454 million in the ninth cycle of 2022. There are 10 sales cycles each year.

"The retail recovery in China remains slow. And the voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world's largest diamond cutting centre," De Beers Chief Executive Al Cook said.

"De Beers maintained support for its Sightholders with full purchase flexibility as the midstream re-establishes an equilibrium between wholesale supply and demand," Cook added.

Anglo American said sales are provisional figures and based on expected sales between Oct. 4 and Nov. 3.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

November 08, 2023 02:38 ET (07:38 GMT)

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