Namibia: Anglo American Rough Diamond Sales Drop for Fifth Cycle

Photo: De Beers
A selection of rough diamonds (file photo).

Anglo American recorded a decrease in its rough diamonds sold for De Beers during the fifth sales cycle of 2019.

The company on Tuesday announced on the Namibian Stock Exchange (NSX) that sales for De Beers for the provisional fifth sales cycle amounted to US$390 million (around N$5,6 billion) as at 24 June 2019.

This represents a decrease of US$26 million (around N$374 million) from US$416 million (about N$6 billion) in cycle four of 2019.

Last year, the company sold rough diamonds worth US$581 million (about N$8,4 billion) during the same cycle in 2018.

De Beers' chief executive officer, Bruce Cleaver, said overall sentiment for diamond jewellery in the US remains solid.

However, a more challenging environment in China and higher than normal polished diamond inventories in the midstream resulted in a cautious approach from rough diamond buyers during the fifth cycle of 2019.

Anglo American is a global diversified mining business responsible for the mining (through De Beers) of diamonds, platinum and other precious metals. The company is also listed on the NSX.

- Nampa

See What Everyone is Watching

More From: Namibian

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.