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De Beers Said to Cut Diamond Prices as Much as 9%

  • De Beers had sought to buoy demand with production cuts
  • Analyst says industry is in `very precarious position'
Inside A Komehyo Co. Jewelry Store As Aging Japanese Swap Old Diamonds For Yen From Eager China Buyers
Akio Kon/Bloomberg
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De Beers, the world’s biggest diamond producer, lowered prices after production cuts failed to support demand for the precious stones, according to three people familiar with the situation.

The Anglo American Plc unit reduced prices as much as 9 percent, according to the people, who asked not to be identified as the information isn’t public. De Beers plans to offer about $250 million of diamonds for sale. Customers may buy more after the price cuts, the people said.