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Cutting factory closures in India impact De Beers diamond sales in ninth cycle of 2021

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(Kitco News) - Anglo American announced today that the value of provisional rough diamond sales for De Beers' ninth sales cycle of 2021 (period from 8 November to 23 November) was $430 million, which is lower compared to the previous cycle ($492 million).

CEO of De Beers Group Bruce Cleaver said, "Sentiment continues to be positive on the back of strong demand for diamond jewelry from US consumers and this was reflected in the demand we saw for rough diamonds during Cycle 9. Such demand was in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival."

"As we head into Cycle 10, we anticipate rough diamond demand will likewise be affected by the Christmas holiday closure of cutting factories in southern Africa, but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season," he added.

De Beers is the world's leading diamond company with in-depth expertise in the exploration, mining and marketing of rough diamonds since 1888. The company's diamond mining spans two continents and four countries – Botswana, Canada, Namibia and South Africa.

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