26th Jan 2016 08:10
LONDON (Alliance News) - Anglo American PLC on Tuesday said its first sales cycle for its De Beers diamond business delivered a big increase in revenue compared to the final cycle it handled in 2015.
The value of the rough diamonds sold in the first cycle improved to USD540.0 million, up from USD248.0 million for the final sales cycle of 2015.
Anglo said the holiday season in the UK was positive from a sales perspective and the group was boosted by a manufacturing reduction which resulted in polished diamond stocks coming through the sales pipeline, which drove firmer polished prices.
"We are encouraged by the result of the first sales cycle of 2016, and will keep working closely with our customers to deliver sustainable improvements in the diamond industry in 2016," said Philippe Melllier, the chief executive of the De Beers Group business.
Anglo shares were down 3.4% to 218.6 pence just after the open.
By Sam Unsted; [email protected]; @SamUAtAlliance
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