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Anglo American says COVID-19 emergency in India impacted diamond sales in fourth cycle

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May 19, 2021 Precious Metals News Comments Off on Anglo American says COVID-19 emergency in India impacted diamond sales in fourth cycle



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(Wallace Refiners) – 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.




Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals 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. Wallace Precious Metals 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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