- Anglo American’s De Beers reports ZAR 9.12 billion ($480 million) in rough diamond sales for fourth cycle of 2023.
- Sales figures reflect seasonal trends and macroeconomic uncertainty, resulting in a slight decrease compared to the previous cycle.
- CEO Al Cook attributes the decline to the industry’s seasonal lull and slower recovery in consumer demand from China.
Anglo American plc, the global mining company, has reported the value of rough diamond sales for De Beers’ fourth sales cycle of 2023, amounting to ZAR 9.12 billion ($480 million at the current exchange rate). Despite a slight decrease compared to the previous cycle, the sales figures reflect the industry’s seasonal trends and broader macroeconomic conditions.
The provisional sales value of ZAR 9.12 billion for Cycle 4, which encompasses the period between May 1 and May 16, is subject to adjustment based on finalized sales figures. These sales are quoted on a consolidated accounting basis and include both Global Sightholder Sales and Auctions.
Al Cook, CEO of De Beers, acknowledged the minor decline in rough diamond sales, attributing it to the industry’s typical lull during this time of year. Additionally, Cook highlighted the influence of ongoing macroeconomic uncertainty and a slower recovery in consumer demand from China than anticipated.
The breakdown of De Beers’ recent rough diamond sales cycles is as follows:
- Cycle 4, 2023 (provisional): ZAR 9.12 billion ($480 million)
- Cycle 3, 2023 (actual): ZAR 10.3 billion ($542 million)
- Cycle 4, 2022 (actual): ZAR 11.48 billion ($604 million)
It’s worth noting that the provisional sales value represents sales as of May 16, 2023, while the actual sales value for Cycle 3, 2023, pertains to the period between March 27 and April 11, 2023. The sales figures include all auction sales occurring between the end of the preceding cycle and the end of the specified cycle.
Anglo American’s De Beers is one of the world’s leading diamond companies, playing a significant role in the global diamond industry. Their sales cycles provide valuable insights into the current state of the market, serving as a barometer for industry trends and economic conditions.
As the industry navigates the seasonally quieter period, coupled with macroeconomic uncertainties and varying consumer demand, industry stakeholders will closely monitor future sales cycles to gauge the overall health of the diamond market.