Anglo ResultsSuggest that all interested parties review the Anglo results, specifically the Debeers reporting for latest quarter. Here are some highlights from a news source I use, SP Angel. But hey, what does Debeers know?
Anglo American (AAL LN) 2,123p, Mkt Cap £29bn – Slow recovery in China and India’s import moratorium deliver severe cut to rough diamond sales - Anglo American reports that, provisionally, the ninth De Beers sales cycle of 2023 realised US$80m and that the previously reported provisional sales of US$200m for the eighth sales cycle have now been confirmed.
- The outcome of the ninth sales cycle brings the year-to-date sales to approximately US$3.5bn, which we estimate is around US$1.9bn (35%) lower than the US$5.4bn of sales achieved during the first nine sales cycles of 2022.
- The US$80m provisional sales during the ninth cycle represents only around 18% of the US$454m achieved in the equivalent cycle of 2022.
- Al Cook, CEO of the De Beers Group, explained that the diamond “retail recovery in China remains slow … [and] … the voluntary import moratorium on rough diamonds into India will see extended Diwali holidays and factory closures in the world's largest diamond cutting centre”.
- Mr. Cook said that “In recognition of these conditions, De Beers continued with reduced rough diamond availability in the ninth sales cycle of 2023. De Beers maintained support for its Sightholders with full purchase flexibility as the midstream re-establishes an equilibrium between wholesale supply and demand”.