(Alliance News) - Anglo American PLC said on Wednesday that rough diamond sales remained robust on an annual basis in the most recent cycle, but suffered a slight decline compared to the previous sales cycle.
Rough diamond sales value for the sixth sales cycle was 23% higher at USD630 million from USD514 million million in the same cycle last year.
But sales in the six cycle fell by 4.1% from USD657 million in the fifth cycle.
The latest provisional figures represents sales between July 11 and July 26. The actual sales value for the fifth cycle was recorded between June 6 and June 21.
De Beers Chief Executive Bruce Cleaver said that following a period of consistently robust demand in the first half, the company continued to see steady demand for its rough diamonds in the sixth sales cycle of the year.
"However, the diamond industry continues to adopt a watchful approach in light of the risks to consumer sentiment presented by macroeconomic challenges," Cleaver said.
Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers continues to implement a more flexible approach to rough diamond sale during the sixth sales cycle, with the sight event extended beyond its normal week-long duration.
Anglo American owns 85% of rough diamond miner and dealer De Beers.
Anglo American shares were down 0.7% at 2,732.00 pence in London early Wednesday. They were flat at ZAR562.75 in Johannesburg.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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Anglo American (AAL)
