By Ian Walker

 

Anglo American PLC said Thursday that rough diamond sales by its majority-owned De Beers Group were 4.8% lower in the tenth sales cycle compared with the previous cycle, and that the sector continues to face recovery risks from the continuing coronavirus pandemic.

The diversified mining company said diamond sales in the tenth cycle reflect positive consumer demand for diamond jewelry ahead of the holiday season.

De Beers sold $440 million worth of diamonds in the tenth cycle compared with $462 million in the ninth, and $426 million in the tenth of 2019. There are 10 sales cycles each year.

Anglo American said sales for the tenth cycle are provisional figures due to a change in the company's approach to diamond sales because of pandemic-related movement restrictions around the globe. The figures are based on expected sales between Dec. 7 and Dec. 16.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

December 17, 2020 02:43 ET (07:43 GMT)

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