TOP NEWS: Anglo American Says Diamond Markets Improve In November

(Alliance News) - Anglo American PLC on Wednesday said diamond markets improved in November, with ...

Alliance News 18 November, 2020 | 7:41AM
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(Alliance News) - Anglo American PLC on Wednesday said diamond markets improved in November, with provisional ninth cycle sales higher in 2020 than a year before.

The London-based miner of diamonds, copper, coal, platinum and other minerals reported the sales value of rough diamond sales for De Beers in cycle nine of 2020 as USD450 million. This is a provisional figure and represents sales as at November 16.

In comparison, the actual sales value in cycle nine of 2019 was USD400 million and the actual sales value in cycle eight of 2020 was USD467 million.

As a result of restrictions on the movement of people and products in various jurisdictions worldwide, De Beers has implemented "a more flexible approach to rough diamond sales during the ninth sales cycles of 2020".

As such, the provisional rough diamond sales figure for cycle nine reflects the expected sales value for the period from November 2 to November 16 and is still subject to adjustment based in final completed sales, Anglo American noted.

Bruce Cleaver, chief executive of De Beers, said: "Steady demand for De Beers Group's rough diamonds continued in the ninth sales cycle of the year, reflecting stable consumer demand for diamond jewellery at the retail level in the US and China, and expectations for reasonable demand to continue throughout the holiday season. However, the resurgence of Covid-19 infections in several consumer markets presents ongoing risks."

Anglo American shares were trading 1.1% higher in Johannesburg on Wednesday at ZAR438.90 a share.

By Evelina Grecenko;

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Anglo American PLC 2,627.50 GBX -1.52

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