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Anglo American expresses 'cautious' optimism for diamond demand growth during 2023

Kitco Media
By Vladimir Basov
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Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - On Wednesday, Anglo American announced that the provisional value of rough diamond sales for De Beers' first sales cycle of 2023 amounted to $450 million, lower than the first sales cycle of 2022 ($660 million) and higher than the previous cycle ($417 million).

In a statement, the company said that consumer demand for diamond jewellery over the 2022 end-of-year holiday season performed well.

Bruce Cleaver, CEO, De Beers Group, commented, "As expected, given the macroeconomic outlook at the time, Sightholders took a cautious approach in late 2022 in planning their 2023 allocation schedule, with a greater weighting of goods to be purchased as the year progresses.

"While there is still some uncertainty over the macroeconomic environment, we see cautious optimism for demand to increase as China continues to reopen and inflation rates start to decrease in many major economies."

Anglo American is a producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and steelmaking coal, and nickel, with crop nutrients in development.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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