Anglo American Says De Beers Diamond Sales Fell 20% in Third Cycle

By Ian Walker

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group were 20% lower in the traditionally quieter third sales cycle of 2021 compared with the previous cycle, in line with expectations.

The diversified mining company said that while both market sentiment and overall industry conditions remain positive, it sees challenges continuing due to Covid-19 developments in Europe and Mumbai's recent lockdown that had closed the Bharat Diamond Bourse.

De Beers sold $440 million of diamonds in the third cycle of the year compared with $550 million in the 10th last year. There are 10 sales cycles each year.

Anglo American said sales for the third 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 March 22 and April 6.

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

(END) Dow Jones Newswires

April 07, 2021 02:30 ET (06:30 GMT)

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