Anglo American said on Wednesday that the tentative value of raw diamond sales for De Beers' eighth sales cycle in 2022 was $500 million, which was higher than the eighth sales cycle in 2021 ($492 million) but lower than the prior cycle ($638 million).
Anglo American And Diamond Demand
The business stated in its statement that demand for its raw diamonds during sales cycle 8 was "...in line with expectations...at what is normally a quieter time of year for the diamond sector as polishing plants in India prepare for shutdown ahead of the Diwali vacations."
"The sustained consumer demand for diamond jewellery ahead of the important Christmas sales season in the US reflects the steady overall demand for De Beers Group raw diamonds," it said. Anglo American is a prominent producer of diamonds (through De Beers), copper, platinum group metals, iron ore and metallurgical coal, and nickel, with agricultural fertilisers under development and thermal coal operations slated for divestiture.