By Ian Walker

Anglo American said Wednesday that rough-diamond sales by its majority-owned De Beers Group fell 10% in the sixth cycle compared with the earlier cycle, in line with seasonal trends.

The FTSE 100 diversified mining company said De Beers sold $410 million of diamonds in the sixth sales cycle of the year, compared with $456 million in the fifth cycle and $638 million in the sixth cycle of 2022. There are 10 sales cycles each year.

"Participants in the diamond industry's midstream sector continue to take a cautious approach to purchases in light of ongoing macroeconomic challenges," De Beers Chief Executive Al Cook said.

Anglo American said sales are provisional figures and based on expected sales between July 10 and July 25.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

July 26, 2023 02:55 ET (06:55 GMT)

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