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Anglo American Reports Collapse in Diamond Sales

Bloomberg business news
Watch: Mark Cutifani, chief executive officer at Anglo American Plc, discusses the collapse in the diamond market, the global economic recovery and his outlook for metals. (Source: Bloomberg)

Anglo American Plc was forced to rely on profit from iron ore and copper as its fabled De Beers unit reported its weakest earnings since Anglo took control of the business almost a decade ago.

While the world’s biggest mining companies have so far been comparatively unscathed by the global pandemic as demand from China holds up and many of the most important mines continue to operate, it’s been a different story for diamonds. Sales plunged in the U.S. -- the most important market -- and trading hub India has also been hit hard.