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22 Jun 2022 | 09:10

Anglo American reports solid diamond sales cycle at De Beers

(Sharecast News) - Anglo American reported provisional rough diamond sales at De Beers of $650m (£533.13m) in its fifth cycle on Wednesday, up from $604m in cycle four of this year, and $477m in the same cycle of 2021. The FTSE 100 company said it had continued to take a "more flexible approach" to rough diamond sales during the cycle, extending the sight event beyond its usual week-long duration.

It said that decision was made amid ongoing restrictions on the movement of both people and product in a number of jurisdictions.

As a result, the provisional figures for the cycle represented the expected aisles value for the period from 6 June to 21 June.

"Diamond jewellery demand continues to perform well in the key US market, and this was reinforced by positive sentiment following the influential JCK Las Vegas jewellery trade show held in mid-June," said De Beers chief executive officer Bruce Cleaver.

"The continued strength of US demand for diamond jewellery and the gradual reopening of retail outlets in China following Covid-19-related lockdowns have supported the sales momentum of De Beers Group's rough diamonds in the fifth sales cycle of the year."

At 0853 BST, shares in Anglo American were down 3.07% at 3,270.74p.

Reporting by Josh White at Sharecast.com.
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