21st Dec 2022 08:03
(Alliance News) - Anglo American PLC reported on Wednesday that rough diamond sales rose sharply on an annual basis, but declined compared to the previous sales cycle as the Christmas period approached.
The London-based mining company said provisional rough diamond sales value for the tenth sales cycle rose by 22% to USD410 million from USD336 million in the same cycle last year.
But sales in the latest cycle was down 9.7% from USD454 million in the ninth cycle.
The rough diamond sales for the tenth cycle represents the expected sales value for the period December 5 to December 20 and remains subject to adjustment based on final completed sales.
The ninth cycle actual sales value represents sales as at November 15.
De Beers Chief Executive Bruce Cleaver said demand for the group's rough diamonds over the final sales cycle of 2022 was in line with expectations, ahead of the normal seasonal closure of polishing factories in southern Africa over the Christmas period and with sightholders taking a prudent approach ahead of restocking after Christmas and the expected re-opening of the China market.
Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers had continued to implement a more flexible approach to rough diamond sales during the tenth sales cycle of 2022, with the sight event extended beyond its normal week-long duration, said Anglo American, which owns 85% of diamond miner and dealer De Beers.
Anglo American shares were up 0.4% at 3,126.00 pence in London on Wednesday morning. They gained 0.9% at ZAR665.01 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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