Daily Management Review

De Beers cuts diamond prices due to low demand


Due to the weak demand for diamonds, De Beers, one of the biggest diamond miners in the world, lowered the pricing of its goods at its first sale in 2024, which is regarded as one of the most significant, according to Bloomberg, which cited industry sources.

Jennifer Dickert
Jennifer Dickert
"To improve demand, De Beers cut prices by about 10 percent across the board at its first sale of the year, traditionally one of its biggest," the newspaper writes.

For diamond miners, the first sale of the year holds great significance as it draws in middle-class purchasers, rough stone cutters and polishers who replenish their inventory after the holidays.

Sources claim that De Beers was had to lower prices by 25% during the initial sale of diamonds weighing between two and four carats, which are frequently used to make engagement rings. The sources ascribed the notable decline in demand to the rising popularity of less expensive synthetic gemstones, which have replaced this kind of commodity on the market.

source: bloomberg.com