(Alliance News) - Anglo American PLC on Wednesday said diamond markets improved in September and October, with provisional eighth cycle sales higher in 2020 than a year before and what was achieved in the seventh cycle.
The London-based miner of diamonds, copper, coal, platinum and other minerals reported the sales value of rough diamond sales for De Beers in cycle eight of 2020 as USD467 million. This is a provisional figure and represents sales as at October 2020.
In comparison, the actual sales value in cycle eight of 2019 was USD297 million and the actual sales value in cycle seven of 2020 was USD334 million.
As a result of restrictions on the movement of people and products in various jurisdictions worldwide, De Beers has implemented "a more flexible approach to rough diamond sales during the sixth, seventh and eighth sales cycles of 2020".
As such, the provisional rough diamond sales figure for cycle seven reflects the expected sales value for the period from September 21 to October 9 and is still subject to adjustment based in final completed sales, Anglo American noted.
Bruce Cleaver, chief executive of De Beers, said: "We continue to see a steady improvement in demand for rough diamonds in the eighth sales cycle of the year, with cutters and polishers increasing their purchases as retail orders come through ahead of the key holiday season. It's encouraging to see these demand trends, but these are still early days and there is a long way to go before we can be sure of a sustained recovery in trading conditions."
Anglo American shares were trading 1.3% higher in London on Wednesday at 1,965.40 pence each, while in Johannesburg, the stock was up 0.7% at ZAR418.05 per share.
By Evelina Grecenko; email@example.com
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