Anglo American's De Beers sees diamond ales slide

Anglo American announced the value of rough diamond sales for De Beers' fifth sales cycle of 2023 on Wednesday.

The company reported total sales amounting to $450m, marking a slight decrease compared to the prior sales cycle.

According to Anglo American, the provisional rough diamond sales figure of $450m represented the expected sales value for the period between 5 and 20 June.

The cycle, however, saw a decrease in sales when compared to both the prior cycle and the same period in 2022.

In the fourth sales cycle of 2023, De Beers recorded rough diamond sales worth $479m, while during the fifth sales cycle of 2022, the sales figure stood at $657m.

“Following the JCK Show, and with ongoing global macroeconomic challenges continuing to impact end-client sentiment, the diamond industry remains cautious heading into summer,” said De Beers chief executive officer Al Cook.

“Reflecting this, we saw demand for De Beers rough diamonds during the fifth sales cycle of the year slightly softer than in the fourth cycle.”

At 0914 BST, shares in Anglo American were down 1.72% at 2,343.5p.

Reporting by Josh White for Sharecast.com.