8th Sep 2021 08:40
(Alliance News) - Anglo American PLC on Wednesday said the value of the latest rough diamond sales cycle conducted by its De Beers Group diamond unit was USD515 million, driven by "robust" diamond demand in the US and China.
It said the seventh sales cycle of the year, which ran from August 23 to September 7, was provisionally higher than cycle six, which reported USD514 million in sales.
The cycle was notably higher than cycle seven from 2020, which held a sales value of ​​USD334 million.
Anglo American is a FTSE 100 mining company focused on diamonds, copper and platinum, and owns 85% of rough diamond dealer De Beers.
De Beers extended the seventh cycle beyond its normal week-long duration as part of a flexible approach to diamond sales, owing to global movement restrictions.
"Demand for rough diamonds is a result of robust demand for polished diamonds in our key markets of the US and China," said De Beers Chief Executive Bruce Cleaver.
"As we now head towards a traditionally slower period for rough diamond sales, we remain cognisant of the risks to economic recovery from the global pandemic."
Shares in Anglo American were down 0.3% at 3,086.50 pence on Wednesday in London, while its Johannesburg shares were 0.8% at ZAR608.51.
By Josie O'Brien; [email protected]
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