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Anglo American's De Beers posts rise in diamond sales
StockMarketWire.com
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Mining company Anglo American said the value of rough diamond sales at its De Beers unit had increased during the fourth cycle of 2021 to $380 million from $56 million seen in the same fourth and fifth cycle a year earlier.
The figure compared with $450 million seen in the third cycle of 2021.
'We continue to see robust demand for diamond jewellery in the key US and China consumer markets,' De Beers chief executive Bruce Cleaver said.
'However, the scale of the second wave of Covid-19 in India, where the majority of the world's diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough diamond demand, during what is already a seasonally slower time of year for midstream purchases,' Cleaver added.
Story provided by StockMarketWire.com
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