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

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell in 2022's 10th sales cycle compared with the previous cycle.
The FTSE 100 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.

Bruce Cleaver, CEO, De Beers Group, said: “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.”

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the tenth sales cycle of 2022, with the Sight event extended beyond its normal week-long duration. As a result, the provisional rough diamond sales figure quoted for Cycle 10 represents the expected sales value for the period 5 December to 20 December and remains subject to adjustment based on final completed sales.

Source: Anglo American
Photo Credit: Anglo American