Anglo American Says De Beers Diamond Sales Boosted by Restocking After Strong Christmas
February 03 2021 - 2:55AM
Dow Jones News
By Ian Walker
Anglo American PLC said Wednesday that rough-diamond sales by
its majority-owned De Beers Group were 44% higher in the first
sales cycle of 2021 compared with the previous cycle, as customers
restocked after a strong holiday period.
The diversified mining company said diamond sales are being
supported by an expected demand ahead of the Chinese New Year and
Valentines Day.
"While risks to recovery as a result of ongoing restrictions on
the movement of both people and goods persist, we have been
encouraged by demand conditions," De Beers Chief Executive Bruce
Cleaver said.
De Beers sold $650 million of diamonds in the first cycle of the
year compared with $452 million in the 10th last year, and $551
million in the first cycle of 2020. There are 10 sales cycles each
year.
Anglo American said sales for the first 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 Jan. 18 and Feb.
2.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
February 03, 2021 02:40 ET (07:40 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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