De Beers diamond sales down in line with expectations

Anglo American said rough-diamond sales by its De Beers unit were down in line with expectations in the 10th sales cycle of the year.

De Beers sold $410m in diamonds in the latest cycle, compared with $454m in the ninth cycle and $336m in the 10th period of 2021.

The company on Wednesday said that due to restrictions on the movement of people, De Beers 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 December 5-20 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," said chief executive Bruce Cleaver.

Reporting by Frank Prenesti for Sharecast.com