Anglo American's De Beers Diamond Sales Fell in 10th Cycle

By Anthony O. Goriainoff

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell in line with expectations in 2022's 10th sales cycle compared with the previous cycle.

The FTSE 100 diversified mining company said De Beers sold $410 million worth of diamonds in the 10th sales cycle of the year compared with $454 million in the ninth cycle. In the 10th cycle of 2021 it sold $336 million worth of diamonds. There are 10 sales cycles each year.

The London-listed multinational mining company said that due to restrictions on the movement of people, De Beers Group implemented a more flexible approach to rough diamond sales during the cycle and that the event extended beyond its normal week-long duration.

It added that because of this, the provisional rough diamond sales figure for the cycle represents expected sales value for the Dec. 5 to Dec. 20 period, adding that it remains subject to adjustment based on final completed sales.

"Demand for our rough diamonds over the final sales cycle of 2022 was in line with expectations, ahead of the normal seasonal closure of polishing factories in southern Africa over the Christmas period and with Sightholders taking a prudent approach ahead of restocking after Christmas and the expected re-opening of the China market," Chief Executive Bruce Cleaver said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

December 21, 2022 02:40 ET (07:40 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.