Anglo American records decrease in rough diamond sales
05 Mar 2019 15:20pm
WINDHOEK, 05 MAR (NAMPA) Anglo American recorded a decrease in its rough diamonds sold for De Beers during the second sales cycle of 2019.
The company Tuesday announced on the Namibian Stock Exchange (NSX) that sales for De Beers for the second sales cycle amounted to US.dollars 490 million (around N.dollars 6,9 billion at the current exchange rate) as at 04 March 2019.
This represents a decrease of US.dollars 10 million (around N.dollars 141 million) from US.dollars 550 million (around N.dollars 7,8 billion) in cycle one of 2019.
Last year, the company sold rough diamonds worth US.dollars 563 million (N.dollars 8 billion) during the same cycle in 2018.
De Beers Chief Executive Officer Bruce Cleaver said overall demand for lower value rough diamonds remained subdued. However, there was an increase in demand from India as factories begin to restock.
The demand for rough diamonds remained consistent during the second sales cycle of 2019, he said.
Anglo American is a global diversified mining business and is responsible for the mining of diamonds (through De Beers), copper, platinum and other precious metals.
The company is also listed on the NSX.