Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Anglo American has announced the value of rough diamond sales for De Beers’ eighth sales cycle of 2022 amount to $500 million.
Sales declined 21.6% from the previous Sight but were flat compared to the same period last year.
Anglo-owned De Beers Group said it has continued to implement a more flexible approach to rough diamond sales during the eighth sales cycle of 2022, with the Sight event extended beyond its normal week-long duration.
As a result, the company said, the provisional rough diamond sales figure quoted for Cycle 8 represents the expected sales value for the period of September 19 to October 4.
“Demand for our rough diamonds during sales cycle 8 was in line with expectations at what is a traditionally quieter time of year for the diamond industry as polishing factories in India prepare for closures ahead of the Diwali holidays,” Bruce Cleaver, CEO, De Beers Group, said in the statement.
“The steady overall demand for De Beers Group rough diamonds is reflected in the ongoing consumer demand for diamond jewellery ahead of the key holiday sales season in the US.”
