Anglo American Diamond Sales Fell in Fourth Cycle

By Jaime Llinares Taboada

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group declined in the fourth cycle of the year.

The diversified mining company said De Beers sold $380 million of diamonds in the fourth cycle compared with $450 million in the third cycle. In 2020, the company sold $56 million in the fourth and fifth cycles combined. There are 10 sales cycles each year.

Anglo American said demand for diamond jewelry remains robust in U.S. and China, but warned of supply chain and consumption issues in India.

"The scale of the second wave of Covid-19 in India, where the majority of the world's diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough diamond demand, during what is already a seasonally slower time of year for midstream purchases," De Beer's Chief Executive Bruce Cleaver said.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

May 19, 2021 02:49 ET (06:49 GMT)

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