(Alliance News) - Anglo American PLC on Wednesday said rough diamond sales by De Beers in the first cycle of 2024 soared compared to the last cycle of 2023, partly thanks to the resumption of imports into India, but sales still were well down an annual basis.
The London-based diversified miner said provisional rough diamond sales value for the first sales cycle of 2024 were down 19% to USD370 million from USD454 million in the same cycle last year.
Compared to cycle ten of 2023, however, sales multiplied from USD137 million.
Cycle one provisional sales value represents sales as at January 31, and cycle 10 actual sales value represents sales between the dates of November 9 and December 19.
De Beers Chief Executive Officer Al Cook said "solid" consumer demand for diamonds in the US over the year-end holiday season had "certainly" helped to stabilise the industry, saying the company was seeing polished diamond prices increasing again.
Combined with the restart of rough diamond imports into India, this has led to demand for rough diamonds increasing substantially in the first sales cycle of 2024, Cook said.
"However, as the prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough diamond demand to fully recover," he warned.
Anglo American owns 85% of diamond miner and dealer De Beers.
Anglo American shares rose slightly to ZAR452.09 in Johannesburg in early dealings. They were up 0.2% to 1,896.00 pence in London.
By Artwell Dlamini, Alliance News reporter
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Anglo American (AAL)