Anglo American says value of De Beers diamond sales fell
Source - SMW
Anglo American said the provisional value of rough diamond sales for De Beers's first sales cycle of 2018 amounted to $665m compared with $729m a year ago.
De Beers Chief executive Bruce Cleaver said: 'Following positive early signs for diamond jewellery sales over the holiday season in the US, the need for the industry to restock led to increasing demand for our rough diamonds in the first sales cycle of 2018.'
'This seasonal restocking demand does usually see a larger share of annual purchases being planned into the first sales cycle of the year by our customers, resulting in an encouraging sales performance.'
'In the equivalent sales cycle last year, sales levels benefitted from purchases that had been deferred from late in 2016 as a result of the initial impact at that time of India's demonetisation programme.'