23rd Jun 2021 08:53
(Alliance News) - Anglo American PLC on Wednesday said its diamond business, De Beers, posted higher sales for its fifth sales cycle of 2021, with increased demand in the US and China and returning capacity in India.
For the provisional fifth sales cycle - which reflects the period from June 7 to June 22 - De Beers reported rough diamond sales of USD470 million, up 22% from USD385 million in the fourth sales cycle.
In addition, the figure was significantly higher compared to the fourth and fifth cycle of 2020 combined, which achieved a mere USD56 million in total.
"With demand for diamond jewellery in the key consumer markets of the US and China continuing to be positive, and midstream capacity in India returning, we have seen strong demand for rough diamonds during the fifth sales cycle. Overall sentiment is increasingly optimistic as we move towards the second half of the year and, while risks as a result of the global pandemic persist, we have been encouraged by the condition of the market," said De Beers Chief Executive Officer Bruce Cleaver.
Shares in Anglo American were up 1.5% at 2,833.50 pence on Wednesday in London, while its Johannesburg shares were 1.5% higher at ZAR567.02.
By Dayo Laniyan; [email protected]
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