De Beers cuts diamond prices sharply as weak demand pressures the market

De Beers has implemented some of the steepest official diamond price cuts in its history, marking a significant shift in strategy as the global diamond industry continues to grapple with weak demand, growing competition from synthetic stones, and a prolonged market downturn.

The latest price reductions were introduced during the company’s first sales cycle under a revamped customer structure, signalling what reports see as the end of De Beers’ years-long effort to keep its official prices above prevailing market levels, Bloomberg reported.

The move comes after the diamond producer significantly reduced the number of its approved buyers, known as sightholders, in a bid to channel more stones to its strongest and most financially resilient customers.