26th Jul 2023 08:23
(Alliance News) - Anglo American PLC on Wednesday said rough diamond sales at its De Beers arm continued to fall amid caution due to ongoing macroeconomic challenges.
The London-based mining company said provisional rough diamond sales value for the sixth sales cycle of 2023 fell by 10% to USD410 million, from USD456 million in the fifth cycle. Sales declined by 36% from USD638 million in the sixth cycle of last year.
The provisional rough diamond sales figure quoted for cycle six represents the expected sales value for the period July 10 and July, 25 and remains subject to adjustment based on final completed sales.
Cycle 5 2023 actual sales value represents sales between the dates of June 5 and June 20.
"In line with seasonal trends, rough diamond sales continued at a lower level during the sixth sales cycle of the year," De Beers Chief Executive Al Cook said.
"Participants in the diamond industry's midstream sector continue to take a cautious approach to purchases in light of ongoing macroeconomic challenges," Cook said.
Anglo American owns 85% of diamond miner and dealer De Beers.
In Johannesburg, Anglo American shares were 0.9% lower at ZAR565.02 in Johannesburg on Wednesday morning, and were down 0.7% at 2,489.00 pence in London.
By Artwell Dlamini, Alliance News reporter
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