Shine comes off diamond sales at Anglo American

(Sharecast News) - Anglo American reported a fall in rough diamond sales on Wednesday, which the miner attributed to seasonal trends. The blue chip owner of diamond giant De Beers Group said that the estimated sales value for the sixth cycle was $410m. That compares to $456m in the previous cycle and $638m in the same cycle a year previously. There are a total of ten cycles across the year.

Anglo American said the provisional sales estimate was based on expected sales between 10 and 25 July.

Al Cook, chief executive of De Beers, said: "In line with seasonal trends, rough diamond sales continued at a lower level during the sixth sales cycle of the year.

"Participants in the diamond industry's midstream sector continue to take a cautious approach to purchase in light of ongoing macroeconomic challenges."

There are 10 sales cycles per year.