Anglo American PLC on Wednesday said rough diamond sales at its De Beers arm declined due to ongoing global macroeconomic challenges.

The London-based mining company said provisional rough diamond sales value for the fifth sales cycle of 2023 was down 6.1% to $450 million, from $479 million in the fourth cycle. Sales slumped by nearly one third from $657 million in the fifth cycle of last year.

The provisional rough diamond sales figure quoted for cycle five represents the expected sales value from June 5 and June 20 and remains subject to adjustment based on final completed sales.

Cycle four actual sales value represents sales between the dates of May 1 and May 16.

‘Following the JCK Show, and with ongoing global macroeconomic challenges continuing to impact end-client sentiment, the diamond industry remains cautious heading into summer,’ De Beers Chief Executive Al Cook said.

JCK is the jewellery industry trade event that takes place in Las Vegas.

‘Reflecting this, we saw demand for De Beers rough diamonds during the fifth sales cycle of the year slightly softer than in the fourth cycle,’ Cook said.

Anglo American owns 85% of diamond miner and dealer De Beers.

Copyright 2023 Alliance News Ltd. All Rights Reserved.