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24 Nov 2021 | 08:01

Diamond sales at Anglo's De Beers fall in ninth cycle

(Sharecast News) - Anglo American said on Tuesday that the value of rough diamond sales at its De Beers unit fell in the ninth cycle of the year. The value declined to $430m from $492m in the eighth cycle, and from $462m in the ninth cycle of 2020.

De Beers chief executive officer Bruce Cleaver said: "Sentiment continues to be positive on the back of strong demand for diamond jewellery from US consumers and this was reflected in the demand we saw for rough diamonds during Cycle 9.

"Such demand was in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival. As we head into Cycle 10, we anticipate rough diamond demand will likewise be affected by the Christmas holiday closure of cutting factories in southern Africa, but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season."
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