10th Mar 2021 08:39
(Alliance News) - Anglo American PLC on Wednesday said its diamond arm De Beers recorded a lower sales value in its second sales cycle of 2021, compared to the first, as the company enters a period of lower seasonal demand.
De Beers' second cycle's provisional sales value stood at USD550 million, decreasing 17% from the first cycle's USD663 million.
The second cycle's sales value is, however, 52% higher compared to the USD362 million netted a year prior.
De Beers has continued to implement a more flexible approach to rough diamond sales during the second sales cycle of 2021, with the event extended beyond its normal week-long duration, the mining giant said.
The event started February 22 and ended on Monday.
Chief Executive Bruce Cleaver said: "We saw the continuation of good rough diamond demand during our second sales cycle of 2021 on the back of positive consumer demand for diamond jewellery. Midstream buyers continued to express healthy demand following better than expected retail sales of diamond jewellery over Christmas, Chinese New Year and Valentine's Day, with the industry now set to enter what is traditionally a period of lower seasonal demand. While the year has started positively, we recognise ongoing near-term uncertainty in the pace and shape of the recovery."
Anglo American shares were down 1.0% at 2,856.50 pence each in London on Wednesday morning, and were down 0.8% at ZAR605.59 each in Johannesburg.
By Greg Roxburgh; [email protected]
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