Anglo American diamond sales up year-on-year in ninth cycle

Multinational mining company Anglo American said rough diamond sales for De Beers' ninth cycle of 2020 were up year-on-year despite "ongoing risks" in multiple markets.

Anglo American said provisional ninth cycle sales were $450.0m, up from $400.0m in 2019 but down from the $467.0m recorded in the prior cycle.

The FTSE 250-listed firm said that owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers had continued to implement "a more flexible approach" to rough diamond sales.

As a result, Anglo said provisional rough diamond sales for Cycle nine represented the expected sales value for the period of 2 November to 16 November and still remained subject to adjustment based on final completed sales.

De Beers chief executive Bruce Cleaver said: "Steady demand for De Beers Group's rough diamonds continued in the ninth sales cycle of the year, reflecting stable consumer demand for diamond jewellery at the retail level in the US and China, and expectations for reasonable demand to continue throughout the holiday season.

However, Cleaver did caution that the resurgence of Covid-19 infections in several consumer markets did present "ongoing risks".

As of 0950 GMT, Anglo American shares were down 0.19% at 2,136.50p.