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Anglo American PLC said on Wednesday rough diamond sales by De Beers fell sharply due in part to a ‘quieter period’ of trading over northern summer. The London-based miner said provisional rough diamond sales value for the fifth cycle of 2024 slumped 31% to $315 million from $456 million in the same cycle last year. Sales value was down 18% compared to $383 million in the fourth cycle of 2024. Cycle five provisional sales, which remain subject to adjustment, represents sales as at Tuesday. The fourth cycle is actual sales that took place between April 18 and May 22. ‘The northern summer is generally a quieter period for rough diamond sales, and this was reflected in our cycle 5 sales,’ De Beers Chief Executive Officer Al Cook said. ‘The recent annual JCK jewellery show in Las Vegas confirmed a resurgence in retailers’ interest in natural diamonds in the US but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand,’ Cook said. Anglo owns 85% of diamond miner and dealer De Beers. But Anglo intends to ‘divest’ or ‘demerge’ De Beers as part of its strategic plan. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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