By Ian Walker

 

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell 6.1% in the eight sales cycle of 2021 compared with the previous cycle, but said sales were higher compared with the same cycle last year.

The diversified mining company said that U.S. consumer demand for diamond jewelry continues to perform strongly ahead of the key holiday season. It added that sales during the period were strong ahead of the Diwali holiday when demand is likely to be hurt by the closure of polishing factories in India.

De Beers sold $490 million of diamonds in the eight cycle of the year compared with $522 million in the seventh and $467 million for the eighth cycle last year. There are 10 sales cycles each year.

Anglo American said sales 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 Oct. 4 and Oct. 19.

 

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

 

(END) Dow Jones Newswires

October 20, 2021 02:45 ET (06:45 GMT)

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