Anglo American Diamon Sales Fall; Blames Indian Demonetization Program
December 13 2016 - 2:59AM
Dow Jones News
By Ian Walker
LONDON--Anglo American PLC (AAL.LN) said Tuesday its
majority-owned De Beers Group reported lower diamond sales, which
it blamed on a temporary slowdown in volumes resulting from the
demonetization program in India.
De Beers, the world's largest rough diamond producer by value,
reported provisional diamond sales of $418 million for the tenth
sales cycle ending on Dec. 12, down 12% from $476 million generated
in the previous sales cycle. However, sales were much higher than
the $248 million generated in same period in 2015.
"While the trade in lower value rough diamonds is experiencing a
temporary slowdown as a result of the demonetization program in
India, demand across the rest of the product mix continued to be
healthy and overall sales remained in line with seasonal
expectations," said Bruce Cleaver, CEO of De Beers.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
December 13, 2016 03:44 ET (08:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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