Anglo American reports solid sales numbers from De Beers
Anglo American updated the market on the value of rough diamond sales for the first sales cycle for 2021 at De Beers on Wednesday, with total provisional sales coming in at $650m (£476.04m).
Anglo American
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16:40 28/03/24
FTSE 100
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17:14 28/03/24
FTSE 350
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Mining
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That compared with $452m in the prior cycle of 2020, and was an increase from $551m a year earlier, in the first sales cycle of the prior year.
Due to ongoing Covid-19 restrictions, the FTSE 100 company said De Beers had continued to implement a more flexible approach to rough diamond sales during the first cycle of 2021, with the Sight event extended beyond its normal week-long duration.
As a result, the provisional rough diamond sales figure quoted for the first cycle represented the expected sales value for the period 18 January to 2 February, and remained subject to adjustment based on final completed sales.
“With the midstream starting the year with low levels of rough and polished inventories, and following strong sales of diamond jewellery over the key holiday season in the US, we saw good demand for rough diamonds at the first cycle of the year as midstream customers sought to restock and to fill orders from retail businesses,” said De Beers Group chief executive officer Bruce Cleaver.
“Sales of rough diamonds are also being supported by expected demand ahead of Chinese New Year and Valentine's Day.
“While risks to recovery as a result of ongoing restrictions on the movement of both people and goods persist, we have been encouraged by demand conditions.”
At 0804 GMT, shares in Anglo American were up 1.07% at 2,455p.