(Bloomberg) — 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.
As rough diamond prices in the secondary market — where traders and manufacturers buy from each other — have steadily dropped through most of the year, De Beers attempted to hold the line. The unit of Anglo American Plc offered its customers more flexibility and the right to refuse goods rather than lowering prices.
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