30th Mar 2020 07:37
(Alliance News) - Anglo American PLC on Monday said travel restrictions mean its De Beers unit will not be able to host its third sales event of 2020.
The miner said travel curbs will prevent both products, and customers in South Africa, Botswana and India from travelling to the event.
Anglo American added: "De Beers Group is enabling sightholders to defer 100% of their Sight 3 allocations to later in the year, and will continue to seek innovative ways to meet sightholders' rough diamond supply needs in the coming weeks."
In the second De Beers rough diamond auction of the year, sales totalled USD335 million, a 28% fall from USD496 million reported for the same cycle the year before, and down 36% from USD555 million for the first cycle of 2020.
"Following an improvement in demand for rough diamonds during the first sales cycle of 2020, we recognised the impact of Covid-19 Coronavirus on customers focused on supplying the Chinese market and put in place additional targeted flexibility to enable customers to defer allocations of the relevant rough diamonds," De Beers Chief Executive Bruce Cleaver said earlier in March.
By Eric Cunha; [email protected]
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