Anglo American's De Beers Diamond Sales Fell in Quiet Period, Amid India Elections
By Ian Walker
Anglo American said that rough-diamond sales by its majority-owned De Beers fell in the fourth cycle of the year compared with the prior cycle, in line with the seasonally quieter second-quarter season and quiet trading in India due to the elections.
The FTSE 100 diversified mining company said Wednesday that De Beers sold $380 million of diamonds in the fourth sales cycle, compared with $446 million in the third cycle and $479 million in the fourth cycle of 2023. There are 10 sales cycles each year.
Anglo American said the sales figures are provisional as of Wednesday.
"The focus of the global diamond industry now turns towards the JCK jewelry show in Las Vegas at the end of May. Demand trends in the U.S. are expected to be driven by short term macroeconomic issues but supported in coming years by a recovery in engagements as the after-effects of pandemic lockdowns fade," De Beers Chief Executive Al Cook said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 23, 2024 02:55 ET (06:55 GMT)
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