De Beers rough diamond sales increase in 2024 first cycle

Anglo American (LSE: AAL) has reported a provisional sales value of $370 million for the first rough diamond sales cycle of 2024 by its subsidiary De Beers. This represents a 170% increase compared to the $137 million sales value from cycle 10 in late 2023.

However, the latest first cycle sales were still down 19% versus the same period last year, when provisional sales totaled $454 million.

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Anglo American stated that “solid” holiday season diamond demand in the U.S. and the restart of rough diamond imports into India contributed to the higher demand in the latest cycle.

But De Beers CEO Al Cook noted economic uncertainty persists and it may take time for global rough diamond demand to make a full recovery.

Anglo American holds an 85% ownership stake in diamond producer De Beers. Anglo American’s share price was unchanged Wednesday morning. The stock has dropped around 40% over the past year.