De Beers Reports Lower Diamond Sales

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Anglo American PLC (AAL.LN)'s majority-owned De Beers Group on Tuesday reported a drop in diamond sales due to Diwali being earlier than normal in 2017.

"As expected, rough diamond sales were somewhat lower in the seventh cycle of the year, with some midstream demand having already been brought forward into Cycle 6 due to Diwali being earlier than normal in 2017," said De Beers Chief Executive Bruce Cleaver.

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De Beers, the world's largest rough diamond producer by value, reported provisional diamond sales of $505 million for the seventh sales cycle ended Sept. 4, compared with $576 million generated in the previous sales cycle. Sales for the seventh cycle of 2016 were $639 million.

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(END) Dow Jones Newswires

September 05, 2017 03:29 ET (07:29 GMT)