Anglo American has announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for De Beers’ third sales cycle of 2018, amounting to $520 million. Cycle 2 amounted to $536 million, which the miner’s third sales cycle of 2017 amounted to $586 million.
Bruce Cleaver, CEO of De Beers, said: “While the second quarter of the year is traditionally a seasonally slower period, we continued to see good rough diamond demand in the third sales cycle of 2018 as diamond businesses have focused on restocking following healthy consumer demand for diamond jewelry in the US and China”.
In 2017, the mining giant reported a fall in revenue of 4% to $5.8 billion. The fall, according to De Beers, was “expected, given the benefit of strong midstream restocking in the first half of 2016”. Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 2% to $1,435 million despite lower revenue.
