2nd Feb 2022 07:50
(Alliance News) - Anglo American PLC's on Wednesday that demand for rough diamonds remained robust, allowing its De Beers business to get a boost from strong gem jewellery sales over the end of year holiday season.
Rough diamond sales value for the provisional first sales cycle remained roughly flat at USD660 million, compared to USD663 million in the same cycle in 2021.
But sales in the first cycle nearly doubled from USD336 million in the tenth cycle of 2021.
The provisional rough diamond sales figure represents the expected sales value for the period January 17 to February 1 and the tenth cycle covered the period between December 6 and December 21.
Auction sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.
"As anticipated, there was strong growth in consumer demand for diamond jewellery over the end of year holiday season. As a result, we saw the continuation of robust rough diamond demand in the first sales cycle of the year as buyers focus on restocking depleted inventories," said De Beers CEO Bruce Cleaver.
In Johannesburg, Anglo American shares were up 1.0% at ZAR690.23 on Wednesday morning.
By Artwell Dlamini; [email protected]
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