De Beers cuts rough diamond prices by 10 to 15%

De Beers, the world’s biggest producer of natural diamonds, has slashed its prices by 10% to 15% due to factors including inflation, weak demand in China’s luxury market and lab-grown diamonds, maybe? It’s the first substantial price cut since the start of the year and a large cut historically. Not to mention, it seems price cuts were a last resort, according to a Bloomberg report.

Apparently, De Beers had tried offering customers more flexibility rather than lowering prices until it had no other choice.

“De Beers Group doesn’t comment on specific price movements for its rough diamond sales outside of formal financial reporting,” the company told Fortune.

“However, it’s worth noting that with stabilization in polished diamond wholesale prices and declines in polished diamond stocks at retail and in the midstream recently, we believe this represents a platform for improved equilibrium and growth as diamond polishing operations