De Beers: sales plunge in eighth cycle of 2023
Global mining group Anglo American has announced that the provisional value of rough diamond sales for De Beers’ eighth sales cycle of 2023 amounted to $200M, lower than the eighth sales cycle of 2022 ($508M) and lower than the previous cycle ($370M).
In a press release, the company said that De Beers “reduced” its rough diamond availability and made sales of $200 million as the industry’s midstream rebalances certain areas of stock accumulation.
Al Cook, CEO of De Beers, commented, “De Beers will continue to support its Sightholders to help re-establish equilibrium between wholesale supply and demand by providing full flexibility for rough diamond allocations in Sights 9 and 10 of 2023, suspending De Beers Group online rough diamond auctions for the remainder of 2023, and investing an additional $20 million in natural diamond marketing to help drive consumer demand during the holiday season.”
Anglo American is a producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and steelmaking coal, and nickel, with crop nutrients in development.
