24th Jan 2017 08:17
LONDON (Alliance News) - Anglo American PLC on Tuesday said its De Beers diamond unit saw good demand in its first sales cycle of 2017.
De Beers generated sales of USD720.0 million in the sales cycle, well ahead of the USD545.0 million generated in the first sales cycle of 2016 and of the USD422.0 million reported for the tenth and final cycle of 2016.
"We saw good demand across the majority of our assortment during the first sales cycle of the year, as the industry entered the period when rough diamond demand is traditionally strongest," said Bruce Cleaver, chief executive of De Beers.
"While the reopening of some diamond polishing operations in India saw something of an increase in demand for smaller, lower quality rough diamonds, we maintain a cautious outlook for these categories as the Indian industry continues to adjust to the post-demonetisation environment," he added.
Anglo American shares were up 3.3% to 1,351.50 pence early Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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