By Ian Walker

Anglo American said rough-diamond sales by its majority-owned De Beers Group fell 10% in the seventh cycle of the year compared with the earlier cycle, in the traditionally quieter summer period and given the current economic environment.

The FTSE 100 diversified mining company said Wednesday that De Beers sold $370 million of diamonds in the seventh sales cycle of the year compared with $411 million in the sixth cycle and $638 million in the seventh cycle of 2022. There are 10 sales cycles each year.

"With the prevailing economic environment leading to softer end client demand for diamond jewelry in key consumer markets, and the traditionally lower levels of midstream trading during the summer period, Sightholders [authorized bulk buyers] continued to take a prudent approach to their purchasing during the seventh sales cycle of the year," De Beers Chief Executive Al Cook said.

Anglo American said sales are provisional figures and based on expected sales between Aug. 14 and 29.

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

(END) Dow Jones Newswires

August 30, 2023 02:32 ET (06:32 GMT)

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