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Anglo American’s (OTCQX:AAUKF) (OTCQX:NGLOY) De Beers unit said Wednesday its rough diamond sales nearly tripled to $370M in the year’s first sales cycle compared with the previous cycle, although the result was 18% below the $454M of sales recorded for the first sales cycle of 2023.
De Beers cited solid consumer demand in the U.S. over the holiday season and the restart of rough diamond imports into India led to the increase from the 10th and final sales cycle of 2023.
“However, as the prospects for economic growth in many major economies remain uncertain, we expect that it may take some time for rough diamond demand to fully recover,” De Beers CEO Al Cook said.
Earlier this month, De Beers (OTCQX:AAUKF) (OTCQX:NGLOY) cut prices by ~10% across the board at its first diamond sale of the year, with 25% cuts for some larger stones, in an attempt to stimulate a weak market.