17th Apr 2024 07:44
(Alliance News) - Anglo American PLC on Wednesday said the latest rough diamond sales by De Beers were up against the second sales round of 2024, but they remained below a year before, as dealers stayed cautious.
The London-based diversified miner said provisional rough diamond sales value for the third sales cycle of 2024 were down 18% to US445 million from USD542 million in the same cycle last year.
However, cycle three sales were up 3.2% from USD431 million, compared to cycle two of 2024.
Cycle three provisional sales value represents sales as at Tuesday. Cycle two actual sales value accounts for sales between the dates of February 1 and March 12.
Anglo American cautioned that the provisional rough diamond sales figure quoted for cycle three remains subject to adjustment based on final completed sales.
Anglo American owns 85% of diamond miner and dealer De Beers.
De Beers Chief Executive Officer Al Cook said many diamond businesses were continuing to take a cautious approach to purchases amid the uncertain economic landscape and the slow pace of growth in China.
"However, we saw a further uptick in our rough diamond sales in our third sales cycle, ahead of what is usually a slower period for rough diamond demand in the second quarter of the year," Cook said.
By Artwell Dlamini, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.