Anglo reports improving sales by De Beers

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Anglo reports improving sales by De Beers

Published Date: 2020-10-15 | Source: Stephen Gunnion | Author: Stephen Gunnion

Anglo reports improving sales by De Beers

With buying increasing ahead of the holiday season, De Beers says it is too early to call a sustained recovery in trading conditions.

De Beers has reported a continued improvement in diamond sales after a sharp decline earlier this year as Covid-19 disrupted manufacturing activity and affect demand in all major markets. The group continues to implement a more flexible approach to sales of its rough diamonds, extending its Sight events beyond their normal week-long duration.

The Anglo American subsidiary sold diamonds worth $467 million at its eighth sales cycle for the year, up from $334 million at the seventh cycle and higher than the $297 million sold in the same cycle last year. At the sixth cycle, sales dwindled to $116 million. It reports 10 cycles a year. The provisional numbers for the eighth cycle represented the expected sales value for the period 21 September to 9 October and remained subject to adjustment based on final completed sales.

The company said it continued to see a steady improvement demand for rough diamonds, with cutters and polishers increasing their purchases as retail orders came through ahead of the key year-end holiday season.

De Beers weighed on Anglo's first-half performance, with rough diamond production decreasing by 27% to 11.3 million carats, primarily as a result of the impact of lockdown on production at its southern African operations.

Anglo's shares rose 1.1% to R419.68 yesterday.

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