31st Aug 2022 08:38
(Alliance News) - Anglo American PLC said on Wednesday that rough diamond sales continued to increase, but warned that the temporary closure of polishing factories for the Diwali holidays might hurt sales in the next few cycles.
Provisional rough diamond sales value for the seventh sales cycle rose by 21% to USD630 million from USD522 million in the same cycle last year.
But sales in the latest cycle fell marginally by 1.3% from USD638 million in the sixth cycle.
The rough diamond sales for cycle seven represents the expected sales value for the period August 15 to August 30. Cycle six actual sales value represents sales between the dates of July 11 and July 26.
"De Beers group rough diamond sales continued at a steady level in the seventh sales cycle of 2022. In line with normal seasonal trends, we anticipate that sales in the next few cycles will be affected by the temporary closure of polishing factories for the Diwali holidays," De Beers Group Chief Executive Bruce Cleaver said.
Diwali, the Hindu festival of lights, falls on October 24 this year, and India is an important centre for polishing rough diamonds.
Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers continues to implement a more flexible approach to rough diamond sales during the seventh sales cycle of 2022, with the sight event extended beyond its normal week-long duration.
Anglo American owns 85% of diamond miner and dealer De Beers.
Anglo American shares were up 2.0% at 2,842.00 pence in London early Wednesday. They were up 1.5% at ZAR560.02 in Johannesburg.
By Artwell Dlamini; [email protected]
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