Anglo American Says De Beers Diamond Sales Boosted by Restocking After Strong Christmas

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)

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