Anglo American has announced another large fall in diamond revenues from the latest sales cycle at subsidiary De Beers, saying that buyers were being “prudent” because of the macro environment.
The company said its seventh sales cycle of 2023, between 14 and 29 August, generated just US$370 million in sales.
That’s down from US$411 million and US$456 million in cycle six and five, respectively, and a big drop from US$638 million in the seventh cycle of 2022.
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Al Cook, the chief executive of De Beers, said: “With the prevailing economic environment leading to softer end client demand for diamond jewellery in key consumer markets, and the traditionally lower levels of midstream trading during the summer period, Sightholders [authorized bulk purchasers of rough diamonds] continued to take a prudent approach to their purchasing during the seventh sales cycle of the year.”
De Beers operates diamond mines across Botswana, Canada, Namibia and South Africa, and sells 90% of its stones by value through Sightholder sales. The sales events, known as Sights, are held 10 times a year.
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The other 10% of its diamonds are sold via auctions.
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