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Anglo American cancels diamond auction

Kitco News

Citing public health restrictions Anglo American said today it is not holding its next Sight, a scheduled diamond sales event.

"Due to the public health restrictions on the movement of people and product in Botswana, South Africa and India, which prohibit customers from traveling and prevent the shipment of goods to customers’ international operations, De Beers Group will not hold its third Sight of 2020," said the company in a news release.

A sight refers to outside dealers who are authorized to view and bid on rough diamonds.

Anglo, which is the parent of De Beers, said it is enabling Sightholders to defer 100% of their Sight 3 allocations to later in the year.

The company said it is seeking "innovative ways" to meet the demand for rough diamonds in the coming weeks.

Last week Petra Diamonds said it was withdrawing guidance after scaling down its mines to operate at a minimum level. It also withdrew from its tender after poor attendance, deteriorating market conditions and opportunistic bids.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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