De Beers diamond sales shine on US demand
By Frank Prenesti
Date: Wednesday 18 May 2022
(Sharecast News) - Anglo American's De Beers diamond unit reported a rise in fourth-cycle sales, boosted by consumer demand in the US.
The company said rough diamond sales rose to $604m from $566m in the previous cycle and $385m in the same period of 2021.
"We saw the continuation of good demand for our rough diamonds during the fourth sales cycle of 2022, supported by strong consumer demand for diamond jewellery in the US," said De Beers chief executive Bruce Cleaver.
"However, rough diamond demand in the coming cycle will be affected as usual by the closure of many diamond polishing factories in India for the traditional May holidays."
He added that diamond businesses were also continuing to closely monitor the effects of Covid-19-related lockdowns in China and the war in Ukraine and associated sanctions.
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