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Anglo American PLC said on Wednesday that rough diamond sales inched up on an annual basis, but fell sharply compared to the previous sales cycle as the temporary closure of polishing factories for the Diwali holidays in India started to bite.
Provisional rough diamond sales value for the eighth sales cycle was up slightly by 1.6% to $500 million from $492 million in the same cycle last year.
But sales in the latest cycle dropped by 22% from $638 million in the seventh cycle.
The rough diamond sales for cycle eight represents the expected sales value for September 19 to October 4. Cycle seven actual sales value represents sales between August 15 and August 30.
‘Demand for our rough diamonds during sales cycle 8 was in line with expectations at what is a traditionally quieter time of year for the diamond industry as polishing factories in India prepare for closures ahead of the Diwali holidays,’ De Beers Chief Executive Officer Bruce Cleaver said.
‘The steady overall demand for De Beers Group rough diamonds is reflected in the ongoing consumer demand for diamond jewellery ahead of the key holiday sales season in the US,’ Cleaver said.
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 eighth sales cycle, with the Sight event extended beyond its normal week-long duration.
Anglo American owns 85% of diamond miner and dealer De Beers.
Anglo American shares were down 2.1% at 2,854.50 pence in London early Wednesday. They lost 0.2% at R 582.34 in Johannesburg.
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