Anglo American says COVID-19 emergency in India impacted diamond sales in fourth cycle
(Kitco News) - Anglo American announced today that the value of rough diamond sales for De Beers' fourth sales cycle of 2021 amounted to $380 million, compared to $450 million in the third cycle.
The company said that the scale of the second wave of Covid-19 in India, where the majority of the world's diamonds are cut and polished, has led to a reduced midstream capacity and subsequently lower rough diamond demand.
Anglo American pointed out that on the other hand, it continues to see robust demand for diamond jewellery in the key US and China consumer markets.
Owing to the restrictions on the movement of people and products in various jurisdictions around the globe, De Beers Group has continued to implement a more flexible approach to rough diamond sales during the fourth sales cycle of 2021, with the Sight event extended beyond its normal week-long duration.
The company noted that as a result, the provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period 3 May to 18 May and remains subject to adjustment based on final completed sales.