Anglo American: De Beers Rough-Diamond Sales Fell Due to India Factory Closures

By Ian Walker

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group in 2021's ninth sales cycle fell 13% from the previous cycle, in line with the board's expectations given factory closures in India due to the Diwali festival.

The diversified mining company said that sentiment continues to be positive on the back of strong demand for diamond jewelry from U.S. consumers.

"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," De Beers Chief Executive Bruce Cleaver said.

De Beers sold $430 million of diamonds in the ninth sales cycle of the year, compared with $492 million in the eighth and $462 million in last year's ninth cycle, Anglo American said. There are 10 sales cycles each year.

Anglo American said sales are provisional figures due to a change in the company's approach to diamond sales because of pandemic-related movement restrictions around the globe. The figures are based on expected sales between Nov. 8 and Nov. 23.

Write to Ian Walker at [e-mail]

(END) Dow Jones Newswires

November 24, 2021 03:09 ET (08:09 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.