Anglo American's De Beers Diamond Sales Fell in Quiet Summer Period
By Ian Walker
Anglo American said rough-diamond sales by its majority-owned De Beers fell in the fifth cycle of the year compared with the prior cycle, reflecting the quieter summer period.
The FTSE 100 diversified mining company said Wednesday that De Beers sold $315 million of diamonds in the fifth sales cycle compared with $383 million in the fourth cycle and $456 million in the fifth cycle of 2023. There are 10 sales cycles each year.
Anglo American said the sales figures are provisional as of Tuesday.
"The recent annual JCK jewelry show in Las Vegas confirmed a resurgence in retailers' interest in natural diamonds in the United States but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand," De Beers Chief Executive Al Cook said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 26, 2024 02:31 ET (06:31 GMT)
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