Anglo American's De Beers Diamond Sales Rise Despite Weak Demand

By Christian Moess Laursen

Anglo American said the second cycle of rough-diamond sales by its majority-owned De Beers Group rose from the prior cycle despite slumping demand from U.S. and China.

The diversified mining group said Wednesday that De Beers--the world's largest diamond producer--achieved $430 million from its second sales cycle, up from the prior cycle's $374 million but down from $497 million the second cycle a year prior.

"Ongoing economic uncertainty in the U.S. has led to retailers restocking conservatively after the 2023 holiday season," De Beers Chief Executive Al Cook said, adding consumer demand for diamond jewelry is growing in India but remains sluggish in China.

"Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year," he said.

Diamond prices have dropped 16% over the past twelve months, largely due to the rise of lab-grown diamonds and global economic uncertainty.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

03-13-24 0331ET