De Beers cuts diamond prices amid weak demand and surge of lab-grown diamonds

De Beers reportedly cut rough diamond prices in January, a rare retreat by the industry’s once-dominant broker as slumping demand, lab-grown stones and trade turmoil batter the global diamond market. 

The reduction, the company’s first since December 2024, came after months of quietly selling discounted stones while keeping official prices well above market levels, according to people familiar with the matter, reports NY Post.

At its regular sales, De Beers sets prices and tells sightholders how much they are expected to buy, a system that gives the miner significant leverage even though buyers can technically refuse purchases at the risk of jeopardising future supply, according to Bloomberg. De Beers sells its diamonds in pre-sorted boxes by size and quality.

The global diamond industry has been locked in one of its worst downturns in decades, with demand and prices for natural stones sliding sharply from 2023 through 2025 amid a prolonged slump that has forced miners to pull back production and rethink strategy, according to a report in NY Post.