Diamond sales at Anglo’s De Beers fall in third cycle

Anglo American said on Wednesday that the value of rough diamond sales at its De Beers unit fell in the third cycle of the year, in line with expectations.

The value declined to $440m from $550m in the second cycle.

De Beers chief executive Bruce Cleaver said: "Following a good holiday season and that trend continuing during the first quarter of 2021, we have again seen solid demand for rough diamonds as we begin a traditionally quieter period of the year for the diamond industry.

"Sales were in line with expectations and both market sentiment and overall industry conditions remain positive. However, with pandemic developments in Europe and Mumbai's recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that we will continue to see challenges relating to Covid-19."

De Beers noted that due to ongoing Covid-related restrictions on movement around the globe, it has continued to implement a more flexible approach to rough diamond sales, with the sight event extended beyond its normal week-long duration.

As a result, the provisional figure for the third cycle represents the expected sales value for the period form 22 March to 6 April and is subject to adjustment based on final completed sales, it said.