A new report says the collapse in rough diamond prices has prompted the world's largest producer to implement broad price cuts. Bloomberg reports that De Beers' final sale of rough diamond stones on the secondary market was led by a 10% to 15% price cut amid a slumping market pressured by the proliferation of artificial diamonds and sliding demand across the West and China. Yet on Monday, the company capitulated on that position at its final sale of the year.
-BBG Price cuts at Anglo American's De Beers come as the Diamond Standard Index, which dates back to early 2022, has plunged to record low levels. Here's more from the report De Beers wields considerable power in the rough-diamond market. It holds 10 sales each year in which the buyers known as sightholders generally have to accept the price and the quantities offered.