(Alliance News) - Anglo American PLC on Wednesday sales rough diamond sales fell in the most recent cycle, due to ongoing economic uncertainty and a slower pace of recovery in consumer demand in China.
The London-based mining company said provisional rough diamond sales value for the fourth sales cycle of 2023 was USD480 million, down 11% from USD542 million in the third cycle and down 21% from USD604 million in the fourth cycle last year.
The provisional rough diamond sales figure quoted for cycle four represents the expected sales value for the period May 1 and May 16. Cycle three actual sales value took place between March 27 and April 11.
"Sales of our rough diamonds in the fourth sales cycle of the year saw a small decrease from the previous cycle as the industry has entered what is traditionally a seasonally quieter period. Rough diamond demand was also influenced by ongoing macroeconomic uncertainty and a slower pace of recovery in consumer demand from China than was widely anticipated," De Beers Chief Executive Al Cook
In Johannesburg, Anglo American shares were flat at ZAR559.26 in Johannesburg on Wednesday morning. But they were down 1.0% at 2,342.50 pence in London.
By Artwell Dlamini, Alliance News reporter
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Anglo American (AAL)
