13th Nov 2019 08:16
(Alliance News) - Anglo American PLC on Wednesday said rough diamond sales in the ninth auction cycle fell year-on-year but added retail demand for the precious stone remains "broadly stable".
In its De Beers' unit, sales in cycle nine fell by 11% year-on-year to USD390 million from USD442 million.
From the eighth cycle however this represents a 31% surge from USD297 million.
Chief Executive Bruce Cleaver said: "With signs of increasing polished price stability, cycle nine saw an improvement in sentiment from rough diamond buyers. Global consumer demand for diamond jewellery at the retail level continues to be broadly stable."
Anglo American shares were 0.6% lower at 2,013.00 pence each in London early on Wednesday morning. In Johannesburg, the stock was 0.3% down at ZAR385.74.
By Eric Cunha; [email protected]
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