22nd Jun 2022 08:08
(Alliance News) - Anglo American PLC said on Wednesday rough diamond sales continued to sparkle, thanks to robust consumer demand for diamond jewellery in the US and the gradual reopening of retail outlets in China.
Rough diamond sales value for the provisional fifth sales cycle were 36% higher at USD650 million from USD477 million in the same cycle last year.
Sales in the fifth cycle increased by 7.6% from USD604 million in the fourth cycle.
The latest provisional figures represent the expected rough diamond sales value for the period June 6 to Tuesday and remains subject to adjustment based on final completed sales.
Anglo American owns 85% of rough diamond miner and dealer De Beers.
De Beers Chief Executive Bruce Cleaver said diamond jewellery demand continued to perform well in the key US market, and this was reinforced by positive sentiment following the influential JCK Las Vegas jewellery trade show held in mid-June.
The continued strength of US demand for diamond jewellery and the gradual reopening of retail outlets in China following Covid-19-related lockdowns have supported the sales momentum in the fifth sales cycle of the year, Cleaver said.
Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers continued to implement a more flexible approach to rough diamond sales during the fifth sales cycle, with the sight event extended beyond its normal week-long duration.
By Artwell Dlamini; [email protected]
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