(Alliance News) - Anglo American PLC on Thursday said rough diamond sales by De Beers weakened due to seasonally slower second quarter and a quieter period of trading in India.
The London-based miner said provisional rough diamond sales value for the fourth sales cycle of 2024 declined by 21% to USD380 million from USD479 million in the same cycle last year. Compared to the third cycle of 2024, actual sales value fell 15% from USD446 million.
Cycle four provisional sales value represents sales as at May 22. Cycle three is actual sales between March 14 and April 16.
The provisional rough diamond sales figure quoted for cycle four represents the expected sales value for the period and remains subject to adjustment based on final completed sales.
"As expected, De Beers' rough diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections," De Beers Chief Executive Officer Al Cook said.
The focus of the global diamond industry now turns towards the JCK jewellery show in Las Vegas at the end of May, Cook said.
Demand trends in the US are expected to be driven by short term macroeconomic issues, but supported in coming years by a recovery in engagements as the after-effects of pandemic lockdowns fade, he said.
Anglo American owns 85% of diamond miner and dealer De Beers, but earlier this month, Anglo said it intends to "divest" or "demerge" De Beers as part of a strategic plan intended to fend off a takeover approach from Australian peer BHP Group Ltd.
Shares in Anglo American were down 0.8% to 2,676.00 on Thursday morning in London. But they were up 1.2% to ZAR625.18 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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Anglo American (AAL)