17th Dec 2020 09:23
(Alliance News) - Anglo American PLC on Thursday said it saw a dip in diamond sales in the 10th cycle of rough diamond sales of 2020 conducted by De Beers Group.
The London-based mining giant said the value of rough diamond sales for De Beers' 10th sales cycle of 2020 was down 7.8% to USD426 million from the ninth cycle's USD462 million.
Anglo American owns 85% of De Beers Group, with the remaining stake owned by the government of the Republic of Botswana.
Anglo American said the event was extended beyond its normal week-long duration, due to the restrictions of movement and products to curb the spread of Covid-19.
The event was started on December 7 and ended on Wednesday.
De Beers group Chief Executive said: "Positive consumer demand for diamond jewellery as we enter the holiday season is supporting the continuation of retail orders for polished diamonds from the diamond industry's midstream sector. This in turn supported steady demand for De Beers rough diamonds at our final sales cycle of 2020.
"While the diamond industry ends the year on a positive note, we must recognise the risks that the ongoing Covid-19 pandemic presents to sector recovery both for the rest of this year and as we head into 2021."
Anglo American shares were up 2.1% at 2,498.00 pence each in London on Thursday morning, and up 2.9% at ZAR499.43 each in Johannesburg.
By Greg Roxburgh; [email protected]
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