(Alliance News) - Anglo American PLC on Wednesday said rough diamond sales by De Beers recovered compared to the first sales round of 2024, but they remained weaker on an annual basis.
The London-based diversified miner said provisional rough diamond sales value for the second sales cycle of 2024 were down 13% to US430 million from USD497 million in the same cycle last year.
Compared to cycle one of 2024, however, sales were up 15% from USD374 million.
Cycle two provisional sales value represents sales as at Tuesday. Cycle one actual sales value represents sales between December 21 and January 30.
"I'm pleased to see a further increase in demand for De Beers rough diamonds during the second sales cycle of 2024," De Beers Chief Executive Officer Al Cook said.
But Cook warned that ongoing economic uncertainty in the US has led to retailers restocking conservatively after the 2023 holiday season.
Consumer demand for diamond jewellery is growing in India, but remains sluggish in China, he said, adding: "Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year."
Anglo American owns 85% of diamond miner and dealer De Beers.
Shares in Anglo American were down 2.1% to ZAR433.18 in Johannesburg in early dealings on Wednesday. They were marginally lower at 1,850.20 pence in London.
By Artwell Dlamini, Alliance News reporter
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Anglo American (AAL)