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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Anglo American plc    AAL   GB00B1XZS820

ANGLO AMERICAN PLC

(AAL)
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Anglo American : De Beers Diamond Sales Boosted by Holiday Season, Bridal Demand

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09/11/2020 | 03:06am EDT

By Ian Walker

 

Anglo American PLC said Friday that its majority-owned De Beers Group made nearly three times as much in sales of rough diamonds in the seventh sales cycle of the year as it did in the previous cycle, as buyers gear up for the year-end holiday season, supported by strong bridal-diamond jewelry demand across its markets.

The diversified mining company said diamond producer De Beers--which reports on 10 sales cycles each year--sold $320 million of rough diamonds in the seventh cycle of the year compared with $116 million for the sixth cycle.

Sales for the seventh cycle are provisional figures based on expected sales between Aug. 19 and Sept. 10 due to a change in the company's approach to diamond sales because of pandemic-related movement restrictions around the globe.

In the seventh cycle of 2019, De Beers sold $287 million of rough diamonds.

"Diamond markets showed some continued improvement throughout August and into September as Covid-19 restrictions continued to ease in various locations, and manufacturers focused on meeting retail demand for polished diamonds, particularly in certain product areas," De Beers Chief Executive Bruce Cleaver said.

He added that the recovery is at an early stage and that the company expects it to take some time to get back to pre-pandemic levels of demand.

 

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

 


Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 0.07% 1973.8 Delayed Quote.-9.17%
PLATINUM 0.55% 880.721 Delayed Quote.-11.00%
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Financials (USD)
Sales 2020 27 571 M - -
Net income 2020 2 576 M - -
Net Debt 2020 5 956 M - -
P/E ratio 2020 12,5x
Yield 2020 3,53%
Capitalization 31 401 M 31 494 M -
EV / Sales 2020 1,35x
EV / Sales 2021 1,23x
Nbr of Employees 60 000
Free-Float 40,7%
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Technical analysis trends ANGLO AMERICAN PLC
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 29,80 $
Last Close Price 25,45 $
Spread / Highest target 41,3%
Spread / Average Target 17,1%
Spread / Lowest Target -7,83%
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Managers
NameTitle
Mark Cutifani Chief Executive Officer & Executive Director
Stuart John Chambers Chairman
Stephen Thomas Pearce Finance Director & Executive Director
Anthony Martin O'Neill Executive Director & Group Technical Director
Anne L. Stevens Independent Non-Executive Director
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