By Ian Walker

 

Anglo American PLC said Wednesday that rough-diamond sales by its majority-owned De Beers Group rose 9% in the second cycle compared with the earlier cycle, but are down compared with the same cycle a year prior.

The FTSE 100 diversified mining company said De Beers sold $495 million worth of diamonds in the second sales cycle of the year, compared with $454 million in first cycle and $652 million in the second cycle of 2022. There are 10 sales cycles each year.

"I am pleased to see continued steady demand for rough diamonds in line with our expectations for sales as the year progresses," De Beers Chief Executive Al Cook said.

"We know that Sightholders planned more of their purchases for later in 2023, given the economic uncertainty at the time they were taking their planning decisions at the end of 2022. It is also encouraging to see some positive trends in end client demand for diamond jewelry at the start of the year."

Anglo American said sales are provisional figures and based on expected sales between Feb. 20 and March 7.

 

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

 

(END) Dow Jones Newswires

March 08, 2023 02:45 ET (07:45 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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