Anglo American's De Beers Diamond Sales Slip 1.3% in Seventh Cycle

By Ian Walker

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group slipped 1.3% in 2022's seventh sales cycle compared with the previous cycle.

The FTSE 100 diversified mining company said De Beers sold $630 million of diamonds in the seventh sales cycle of the year, compared with $638 million in the sixth cycle and $522 million in the seventh cycle of 2021. There are 10 sales cycles each year.

"In line with normal seasonal trends, we anticipate that sales in the next few cycles will be affected by the temporary closure of polishing factories for the Diwali holidays," De Beers Group Chief Executive Bruce Cleaver said.

Anglo American said sales are provisional figures due to a change in the company's approach to diamond sales because of pandemic-related movement restrictions around the world. The figures are based on expected sales between Aug. 15 and Aug. 30.

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(END) Dow Jones Newswires

08-31-22 0256ET