Anglo American: De Beers to Post $467 Million Diamond Sales for 8th Cycle

By Jaime Llinares Taboada

Anglo American PLC said Wednesday that its subsidiary De Beers Group expects to report diamond sales of $467 million during the current sales cycle, as demand for rough stones improves steadily.

The FTSE 100 mining company said the $467 million revenue is for the period between Sept. 21 and Oct. 9. This would be up from $297 million a year earlier, and from $334 million in the seventh cycle of 2020--which ran from Aug. 19 until Sept. 10.

Anglo American said it has implemented a more flexible approach to rough-diamond sales in the period, with the "sight," or sales, event extended beyond its normal duration.

"We continue to see a steady improvement in demand for rough diamonds in the eighth sales cycle of the year, with cutters and polishers increasing their purchases as retail orders come through ahead of the key holiday season," De Beers Group Chief Executive Bruce Cleaver said.

Anglo American owns 85% of De Beers Group.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

October 14, 2020 02:46 ET (06:46 GMT)

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