Anglo American Diamond Sales Fell in Fourth Cycle
May 19 2021 - 3:04AM
Dow Jones News
By Jaime Llinares Taboada
Anglo American PLC said Wednesday that rough-diamond sales by
its majority-owned De Beers Group declined in the fourth cycle of
the year.
The diversified mining company said De Beers sold $380 million
of diamonds in the fourth cycle compared with $450 million in the
third cycle. In 2020, the company sold $56 million in the fourth
and fifth cycles combined. There are 10 sales cycles each year.
Anglo American said demand for diamond jewelry remains robust in
U.S. and China, but warned of supply chain and consumption issues
in India.
"The scale of the second wave of Covid-19 in India, where the
majority of the world's diamonds are cut and polished, has led to
reduced midstream capacity and subsequently lower rough diamond
demand, during what is already a seasonally slower time of year for
midstream purchases," De Beer's Chief Executive Bruce Cleaver
said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 19, 2021 02:49 ET (06:49 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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