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TOP NEWS: Anglo American's De Beers diamond sales up on strong demand

8th Mar 2023 07:58

(Alliance News) - Anglo American PLC said on Wednesday rough diamond sales improved from the previous sales cycle due to high jewellery demand, but sales declined on an annual basis.

The London-based mining company said provisional rough diamond sales value for the second sales cycle of 2023 rose to USD495 million, up 9% from USD454 million in the first cycle.

But sales in the latest cycle was 24% lower than USD652 million in cycle two, last year.

The provisional rough diamond sales figure quoted for cycle two represents the expected sales value for the period February 20 and March 7. Cycle one 2023 actual sales value represents sales between January 16 and January 31.

"In this, my first sight update to the market, I am pleased to see continued steady demand for rough diamonds in line with our expectations for sales as the year progresses. For example, we know that sightholders planned more of their purchases for later in 2023, given the economic uncertainty at the time they were taking their planning decisions at the end of 2022," De Beers Chief Executive Al Cook.

It is also encouraging to see some positive trends in end client demand for diamond jewellery at the start of the year, Cook said.

In Johannesburg, Anglo American shares lost 1.5% at ZAR626.80 in Johannesburg on Wednesday morning. They closed up 2.5% at 2,922.89 pence in London on Tuesday.

By Artwell Dlamini, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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