De Beers Group: steady improvement in demand for rough diamonds in the eighth sales cycle of 2020

De Beers Group: steady improvement in demand for rough diamonds in the eighth sales cycle of 2020

(PRESS RELEASE) LONDON, 14-Oct-20220 — /EuropaWire/ — Anglo American plc (LON: AAL), a global mining company with a portfolio that spans diamonds, platinum, copper, iron ore, etc., has announced De Beers’ eighth sales cycle of 2020 value of rough diamond sales has amounted to $467 million.

Cycle 8 2020(1)
Cycle 7 2020(2)
Cycle 8 2019
Sales value(3) $467m $334m $297m

(1) Cycle 8 2020 provisional sales value represents sales as at 9 October 2020.
(2) Cycle 7 2020 actual sales value represents sales between the dates of 19 August and 10 September.
(3) Sales values are quoted on a consolidated accounting basis. Auction sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.

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 eighth sales cycles of 2020, with the sight event extended beyond its normal week-long duration. As a result, the provisional rough diamond sales figure quoted for Cycle 8 represents the expected sales value for the period 21 September to 9 October and remains subject to adjustment based on final completed sales.

Bruce Cleaver, CEO, De Beers Group, said: “We continue to see a steady improvement in demand for rough diamonds in the eighth sales cycle of the year, with cutters and polishers increasing their purchases as retail orders come through ahead of the key holiday season. It’s encouraging to see these demand trends, but these are still early days and there is a long way to go before we can be sure of a sustained recovery in trading conditions.”

Notes to editors:

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, development projects and undeveloped resources, provides many of the metals and minerals that enable a cleaner, greener, more sustainable world and that meet the fast growing consumer-driven demands of developed and maturing economies. With our people at the heart of our business, we use innovative practices and the latest technologies to mine, process, move and market our products to our customers – and to discover new resources – safely and sustainably.

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 – we are committed to being carbon neutral across our operations by 2040. We work together with our business partners and diverse stakeholders to unlock sustainable value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people’s lives.

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SOURCE: Anglo American


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