(Bloomberg) — De Beers made big cuts to its diamond prices as the world’s top producer tries to revive gem sales after the market ground to a halt last year.
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.
To improve demand, De Beers cut prices by about 10% across the board at its first sale of this year — traditionally one of the largest — according to people familiar with the matter. The one-time monopoly made bigger cuts for some larger stones, with one category being lowered about 25%, said the people, who asked not to be identified because the details are private.
The industry has been whipsawed since the start of the pandemic. It was one of the great winners as stuck-at-home shoppers turned to diamond jewelry and other luxury purchases.
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