De Beers Capitulates on Diamond Strategy With Big Price Cuts
- Diamond giant cuts prices by over 10% at final sale of year
- Anglo American unit had tried to put floor under prices
Diamond jewelries at a De Beer Plc store in Hong Kong.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
De Beers has cut diamond prices by more than 10% across the board as the world’s biggest producer abandons attempts to put a floor under the slumping market.
The diamond industry has been struck by one of its deepest and most prolonged slumps in decades. What started as a post-pandemic slowdown has spiraled as inflation hit customer purchases, before a collapse in China’s luxury market further eroded demand. Man-made diamonds have also continued to undermine prices.