Anglo American's De Beers Diamond Sales Slip in Ninth Cycle

By Ian Walker

Anglo American PLC said Wednesday that rough diamond sales by its majority-owned De Beers Group were 3.6% lower in the ninth sales cycle compared with the previous cycle, adding that increasing Covid-19 infections continue to present risks.

The diversified mining company said diamond sales in the ninth cycle reflect stable consumer demand for diamond jewelry at the retail level in the U.S. and China.

De Beers sold $450 million worth of diamonds on the ninth cycle compared with $467 million in the eighth, and $400 million in the ninth cycle of 2019. There are 10 sales cycles each year.

The company said that sales for the ninth cycle are provisional figures due to a change in the company's approach to diamond sales because of pandemic-related movement restrictions around the globe. The figures are based on expected sales between Nov. 2 and Nov. 16.

De Beers Group Chief Executive Bruce Cleaver said the company expects reasonable demand for diamonds to continue throughout the holiday season.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

November 18, 2020 02:59 ET (07:59 GMT)

Anglo American (QX) (USOTC:NGLOY)
Historical Stock Chart
From Mar 2024 to Apr 2024