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Diamond sales at Anglo's De Beers fall in fourth cycle
19th May 2021 08:27
(Sharecast News) - Anglo American said on Wednesday that the value of rough diamond sales at its De Beers unit fell in the fourth sales cycle of the year.
The value declined to $380m from $450m in the third cycle.
De Beers chief executive Bruce Cleaver said: "We continue to see robust demand for diamond jewellery in the key US and China consumer markets.
"However, the scale of the second wave of Covid-19 in India, where the majority of the world's diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough diamond demand, during what is already a seasonally slower time of year for midstream purchases."
The value declined to $380m from $450m in the third cycle.
De Beers chief executive Bruce Cleaver said: "We continue to see robust demand for diamond jewellery in the key US and China consumer markets.
"However, the scale of the second wave of Covid-19 in India, where the majority of the world's diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough diamond demand, during what is already a seasonally slower time of year for midstream purchases."