De Beers' rough diamond sales for the eighth sales cycle of 2019 were $295 million, compared with $482 million for the same period the previous year. Sales for cycle 7 were $287 million.
It's no secret that diamond markets have been having a bad time in 2019. At the end of September, South Africa-based Gemfields reported that coloured gems were selling better than diamonds.
According to research from investment bank Liberum, the cyclical headwinds affecting diamonds include a drain of working capital finance in the midstream, which is driving destocking; lacklustre Chinese jewellery demand; weak consumer confidence in oil states and elsewhere, leading to low sales of high-quality stones; and lack of advertising spend undermining branding, as well as competition from synthetic diamonds.
Deutsche Bank offered its own commentary on the results.
Anglo American shares were trading at 1,781p on Thursday. The company's share price is down a little from 2,260.5p in July. Its market capitalisation is £24.57 billion.
