7th Apr 2021 08:00
(Alliance News) - Anglo American PLC on Wednesday said its diamond arm De Beers recorded a lower sales value in its third sales cycle of 2021, compared to the second, but noted demand has been "solid" despite being in a traditionally quieter period of the year.
De Beers' third cycle's provisional sales value stood at USD440 million, decreasing 20% from the second cycle's USD550 million, and down 34% from the first cycle's USD663 million. In March, the company did note, however, that it was entering the quiet season.
De Beers has continued to implement a more flexible approach to rough diamond sales during the third sales cycle of 2021, with the event extended beyond its normal week-long duration, the company said.
Chief Executive Bruce Cleaver said: "Following a good holiday season and that trend continuing during the first quarter of 2021, we have again seen solid demand for rough diamonds as we begin a traditionally quieter period of the year for the diamond industry.
"Sales were in line with expectations and both market sentiment and overall industry conditions remain positive. However, with pandemic developments in Europe and Mumbai's recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that we will continue to see challenges relating to Covid-19."
By Greg Roxburgh; [email protected]
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