Anglo American PLC (LSE:AAL) unveiled that the value of rough diamond sales for De Beers' eighth cycle of 2022 climbed 2% higher year-on-year.
Between 19 September and 4 October, the premium metals producer said it expects diamond sales to amount to US$500mln and remains subject to adjustment based on final completed revenues.
This represents a 2% year-on-year increase from US$492mln but a 22% drop cycle-on-cycle from US$638mln.
Due to restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group continued to implement a more flexible approach to rough diamond sales during the eighth sales cycle, with the Sight event extended beyond its normal week-long duration, it said in a statement Wednesday.
De Beers is the world's 'most famous' diamond company, 85%-owned by Anglo American, and has approximately 40% of the market share.
Bruce Cleaver, De Beers chief executive, commented: "Demand for our rough diamonds during sales cycle 8 was in line with expectations at what is a traditionally quieter time of year for the diamond industry, as polishing factories in India prepare for closures ahead of the Diwali holidays.
“The steady overall demand for De Beers Group rough diamonds is reflected in the ongoing consumer demand for diamond jewellery ahead of the key holiday sales season in the US."