5th Oct 2023 07:40
(Alliance News) - Anglo American PLC on Thursday reported a tumble in rough diamond sales at De Beers, as the company cut supply to rebalance "certain areas of stock accumulation".
The London-based mining company said provisional rough diamond sales value for the eighth sales cycle of 2023 slumped by 46% to USD200 million, compared to USD370 million in the seventh cycle. Sales plummeted 61% from USD508 million in cycle eight last year.
The provisional rough diamond sales figure for cycle eight represents the expected sales value for the period September 18 and October 3. It is subject to adjustment based on final completed sales.
The seventh cycle took place between August 14 and 29.
De Beers Chief Executive Al Cook said the company reduced its rough diamond availability as the industry's midstream rebalanced some stock accumulation.
"De Beers will continue to support its sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in Sights 9 and 10 of 2023, suspending De Beers Group online rough diamond auctions for the remainder of 2023, and investing an additional USD20 million in natural diamond marketing to help drive consumer demand during the holiday season," Cook said.
Anglo American owns 85% of diamond miner and dealer De Beers.
By Artwell Dlamini, Alliance News reporter
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