Anglo American diamond sales nearly triple in seventh cycle

Anglo American said De Beers sold $320.0m or rough diamonds during the period, a marked increase on both the $116.0m sold in the prior cycle and the $287.0m sold during the same cycle a year earlier as buyers prepared for the year-end holiday season and amid strong demand for bridal-diamond jewellery.

Chief executive Bruce Cleaver said: "Diamond markets showed some continued improvement throughout August and into September as Covid-19 restrictions continued to ease in various locations, and manufacturers focused on meeting retail demand for polished diamonds, particularly in certain product areas."

However, Cleaver added that its recovery was still in the early stages and that Anglo American anticipates that it will still take some time for sales to return to pre-coronavirus pandemic levels of demand.

As of 0845 BST, Anglo American shares were up 0.76% at 1,876.80p.