(Alliance News) - Anglo American PLC's diamond business De Beers on Wednesday reported a rise in sales as demand remained robust ahead of the Diwali holiday in India.
Rough diamond sales value for the provisional eighth sales cycle, which covers the period between October 4 and October 19, rose to USD490 million, up 4.9% from USD467 million in a similar sales cycle last year.
But this was down 6.1% from the seventh sales cycle, which had run from August 23 to September 7, and secured USD522 million in sales.
"Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the eighth sales cycle of 2021, with the sight event extended beyond its normal week-long duration," said Anglo American.
Anglo American is a FTSE 100 mining company focused on diamonds, copper and platinum, and owns 85% of rough diamond dealer De Beers.
"As the diamond sector prepares for the key holiday season and US consumer demand for diamond jewellery continues to perform strongly, we saw further robust demand for rough diamonds in the eighth sales cycle of the year ahead of the Diwali holiday when demand for rough diamonds is likely to be affected by the closure of polishing factories in India," said De Beers Chief Executive Bruce Cleaver.
Anglo American shares were down 0.9% at 2,813.00 pence in London early Wednesday. In Johannesburg, they were down 0.7% at ZAR562.72.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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