- De Beers reports $200 million in rough diamond sales.
- Company reduces availability to rebalance industry stock accumulation.
- $20 million invested in marketing to drive consumer demand.
Harare - De Beers, a subsidiary of global mining company Anglo American, has reported a provisional figure of $200 million for the rough diamond sales value in its eighth sales cycle of 2023. This figure represents the expected sales value for the period between September 18 and October 3, and is subject to adjustment based on final completed sales.
Al Cook, CEO of De Beers, stated that the company intentionally reduced its rough diamond availability during this cycle. The move was aimed at rebalancing certain areas of stock accumulation within the midstream sector of the diamond industry. By controlling the supply, De Beers seeks to help re-establish equilibrium between wholesale supply and demand.
Source : Anglo News Release/ Equity Axis
To support its Sightholders, De Beers plans to provide full flexibility for rough diamond allocations in Sights 9 and 10 of 2023. Additionally, the company has made the decision to suspend its online rough diamond auctions for the remainder of the year. This strategic move allows De Beers to focus on addressing the current market dynamics and supporting its partners in finding stability.
In a bid to drive consumer demand during the upcoming holiday season, De Beers will invest an additional $20 million in natural diamond marketing. The company aims to promote the desirability and value of diamonds, encouraging consumers to consider them for special occasions and gifts. By doing so, De Beers hopes to stimulate market growth and create a positive impact on the industry as a whole.
It is worth noting that Anglo American, the parent company of De Beers, is a leading global mining company with a diverse portfolio of operations. Their products, including diamonds, copper, nickel, platinum group metals, iron ore, and steelmaking coal, are vital components in various aspects of modern life. The company is committed to being carbon neutral across its operations by 2040 and has a Sustainable Mining Plan in place to ensure a healthy environment, thriving communities, and sustainable practices.
Anglo American's approach to mining goes beyond extracting resources. The company focuses on innovation, utilizing the latest technologies, and working collaboratively with business partners and stakeholders. Their goal is to unlock enduring value from natural resources for the benefit of the communities and countries in which they operate, society as a whole, and their shareholders.
As De Beers continues to navigate the ever-changing diamond industry landscape, it remains dedicated to supporting its partners and driving consumer demand. With its recent strategic decisions and increased marketing investment, the company aims to contribute to a more balanced market and promote the intrinsic value of natural diamonds.
About Anglo American: Anglo American is a leading global mining company with a commitment to improving people's lives through responsible and sustainable resource extraction. With a diverse portfolio of operations, Anglo American plays a crucial role in meeting the demands of billions of consumers worldwide. The company's innovative practices and use of advanced technologies ensure safe and sustainable mining processes. Anglo American is re-imagining mining to create a cleaner, greener, and more sustainable world.
-Equity Axis News
