De Beers loses its sparkle as rough diamond sales decline
JOHANNESBURG – Anglo American subsidiary De Beers said on Tuesday rough diamond sales for the fourth cycle of 2019 amounted to $415 million (R6 billion) from $581m in the third cycle and compared with $554m during the same period last year.
"Cycle four saw lower rough diamond sales against a backdrop of macroeconomic uncertainty, and as we enter a seasonally slower period for the 21 May 2019 Indian factories closing temporarily for the traditional holiday period," De Beers chief executive Bruce Cleaver said.
De Beers specialises in diamond exploration, mining, retail, trading and industrial diamond manufacturing sectors. The company is active in open-pit, large-scale alluvial, coastal and deep sea mining.
De Beers is 85 percent owned by Anglo American with the rest of the shareholding held by the government of Botswana. It mines in operations in Botswana, Canada, Namibia and South Africa.
In South Africa it mines through De Beers Consolidated Mines in which its empowerment partner, Ponahalo, has a 26 percent shareholding.