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10 Mar 2021 | 08:16

Consumer demand helps De Beers diamond sales shine

(Sharecast News) - Anglo American reported a rise in rough-diamond sales at its De Beers unit in the second sales cycle of 2021 year-on-year, on the back of higher consumer demand. The mining giant said De Beers sold $550m of diamonds in the second cycle of 2021 compared with $663m in the first cycle, and $362m in the second cycle of 2020.

"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," said De Beers chief executive Bruce Cleaver.

"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 said sales for the second cycle are provisional due to a change in the company's approach to diamond sales because of global pandemic-related movement restrictions. The figures are based on expected sales between February 22 - March 8, and are subject to final adjustments.
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