Anglo American has reported a decline in rough-diamond sales for its majority-owned subsidiary, De Beers Group, in the eighth cycle of the year. This decrease can be attributed to the company’s decision to reduce diamond availability, as certain areas of the mid-level industry work towards rebalancing their stock accumulation.
In the eighth sales cycle of 2023, De Beers sold $200 million worth of diamonds, compared to $370 million in the seventh cycle of the same year and $508 million in the eighth cycle of 2022. It is important to note that there are a total of ten sales cycles annually.
De Beers Chief Executive, Al Cook, stated that the company will support its Sightholders to re-establish equilibrium between wholesale supply and demand. This will be achieved by providing flexibility in rough diamond allocations for Sights nine and 10 of 2023. Additionally, De Beers will suspend its online rough diamond auctions for the remainder of 2023. As part of their efforts to boost consumer demand during the holiday season, they will also invest an additional $20 million in natural diamond marketing.
Anglo American has clarified that these sales figures are provisional and based on expected sales between September 18 and October 3.