Anglo American PLC (LON:AAL) said about US$440mln of rough diamonds were provisionally sold in the De Beers Group’s third sales cycle of 2021, in line with expectations, but warned Coronavirus (COVID-19) challenges continue.
"Following a good holiday season and that trend continuing during the first quarter of 2021, we have again seen solid demand for rough diamonds as we begin a traditionally quieter period of the year for the diamond industry,” said De Beers chief executive Bruce Cleaver.
“Sales were in line with expectations and both market sentiment and overall industry conditions remain positive.
“However, with pandemic developments in Europe and Mumbai's recent lockdown resulting in the Bharat Diamond Bourse being closed, it is clear that we will continue to see challenges relating to COVID-19," he added.
De Beers continued to implement a more flexible approach to rough diamond sales during the third sales cycle, with the event extended beyond its normal week-long duration. The third sales cycle figure represents the expected sales value for the period 22 March to 6 April and remains subject to adjustment.
There was no year-earlier comparison as De Beers did not hold its third Sight of 2020 due to COVID-19 restrictions.
About US$550mln of rough diamonds were sold in De Beers' second sales cycle of 2021.
De Beers, the world's largest diamond supplier by value, typically sells about 90% of its diamonds through its global sightholder sales (known as ‘Sights’) where customers are normally able to inspect the rough diamonds before deciding what to buy.