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Anglo American PLC reported on Wednesday annual rough diamonds sales remained robust, but the third sales cycle of the year lost some momentum.
As the seasonally slower second quarter gets underway, De Beers warned that diamond businesses are adopting a more cautious approach due to the Ukraine war and the resurgence of Covid-19 in China.
Anglo American owns 85% of rough diamond miner and dealer De Beers.
Rough diamond sales value for the provisional third sales cycle rose 26% to $565 million from $450 million in the same cycle last year.
However, sales in the third cycle fell 13% from $652 million in the second cycle.
The provisional rough diamond sales figure quoted for cycle three represents the expected sales value for the period March 28 to April 12 and remains subject to adjustment based on final completed sales.
Actual second cycle sales value represents sales between the dates of February 21 and March 8.
Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers has continued to implement a more flexible approach to rough diamond sales during the third sales cycle, with the sight event extended beyond its normal week-long duration, Anglo American said.
‘On the back of robust demand for rough diamonds in 2021 and jewellery sales in the first quarter of 2022, and reflecting continued year-on-year growth in consumer demand for diamond jewellery, demand for De Beers Group rough diamonds remained strong in the third sales cycle of 2022,’ said De Beers Chief Executive Bruce Cleaver.
In Johannesburg, Anglo American shares were up 0.6% at R 774.78 on Wednesday morning, and they rose by 0.9% to 4,138.50 pence in London.
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