De Beers Cuts Diamond Prices to Revive Sales
- Top miner lowers diamond prices about 10% in year’s first sale
- Producers halted supplies last year to stop price collapse
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De Beers made one of the steepest cuts to its diamond prices in years, as the world’s top producer tries to revive gem sales after the market ground to a halt.
The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in a desperate attempt to stem a collapse in prices. While those efforts helped the market to pick up a bit, it’s unclear how much appetite trade buyers currently have.