The world’s leading diamond company, De Beers, has reduced the prices of rough diamonds at its latest Sight held in Gaborone, according to a report by IDEX Online.
Bloomberg reported that De Beers has lowered prices for most of its diamonds by 10-15%, citing internal sources. These insiders reportedly expressed surprise and even disappointment at the move, which comes during the holiday shopping season, just as polished diamond prices are beginning to show signs of recovery.
Until now, De Beers had avoided price reductions despite weak market demand and the fact that its diamond prices are higher than those of competitors. At the November Sight, the company’s rough diamond sales totaled less than $130 million, compared to an average of $360 million per Sight in 2023.
The company recently confirmed its intention to reduce the number of Sightholders in the next contract period, set to begin in 2026. Currently, De Beers has 69 Sightholders.
The future of De Beers remains uncertain following an announcement by its parent company, Anglo American, that it plans to sell the diamond business. Meanwhile, Anglo American itself is the subject of ongoing intense speculation.
