Recent rough diamond Sights yield $440M

Anglo American plc announces the value of rough diamond sales (Global Sightholder Sales and Auctions) for De Beers’ sixth and seventh sales cycles of 2020, amounting to $116 million and $320 million, respectively.

Cycle 7 2020 provisional sales value represents sales as at 10 September 2020. Cycle 6 2020 actual sales value represents sales between the dates of 27 July and 13 August.

Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the sixth and seventh sales cycles of 2020, with the normal week-long Sight events extended towards near-continuous sales. As a result, the provisional rough diamond sales figure quoted for cycle 7 represents the expected sales value for the period 19 August to 10 September, and remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO of De Beers Group, said: “Diamond markets showed some continued improvement throughout August and into September as Covid-19 restrictions continued to ease in various locations, and manufacturers focused on meeting retail demand for polished diamonds, particularly in certain product areas.

“Overall industry sentiment has become more positive as jewellers in the key US and Chinese consumer markets gained confidence ahead of the important year-end holiday season, supported by strong bridal diamond jewellery demand across markets. Accordingly, we saw a recovery in rough diamond demand in the seventh sales cycle of the year, reflecting these retail trends, following several months of minimal manufacturing activity and disrupted demand patterns in all major markets. It’s clear that the recovery is at an early stage and we expect that it will take some time to get back to pre-Covid-19 levels of demand.”

Anglo American is a primary global mining company and its products are the essential ingredients in almost every aspect of modern life. As a responsible producer of diamonds (through De Beers), copper, platinum group metals, the steelmaking ingredients of iron ore and metallurgical coal, and nickel – with crop nutrients in development and thermal coal operations planned for divestment – Anglo American is committed to being carbon neutral across our operations by 2040.

Leave a Reply

Your email address will not be published.