By Ian Walker

 

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group rose 26% in 2022's third sales cycle compared with the year-earlier third cycle, though it cautioned about the impact on the industry from the war in Ukraine as well as Covid-19-related lockdowns in China.

The FTSE 100 diversified mining company said De Beers sold $565 million of diamonds in the third sales cycle of the year, compared with $450 million in the third cycle of 2021 and $652 million in the second cycle of 2022. There are 10 sales cycles each year.

"As we head into the seasonally slower second quarter of the year, diamond businesses are adopting a more cautious and watchful approach in light of the war in Ukraine and associated sanctions, as well as Covid-19 lockdowns in China," 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 March 28 and April 12.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

April 13, 2022 03:05 ET (07:05 GMT)

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