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REPORT: DE BEERS SLASHES DIAMOND PRICES BY 5% IN NOVEMBER

The slash in prices “is aimed at helping improve profits for the middlemen"
De Beers rough diamonds
Credit: De Beers

According to reports, quoted in Mining Weekly, De Beers has cut its rough diamond prices by about 5% at its November sale in what is seen as another step to deal with the challenges in the diamond industry.

 

Rough and polished diamonds by De Beers
Credit: De Beers

 

According to the report, the slash in prices “is aimed at helping improve profits for the middlemen of the diamond industry, a group of traders and polishers that buy rough gems from De Beers”, many of whom “are running on wafer-thin profit margins because of low prices and an oversupply of polished gems”.

 

De Beers Diamond Tester
Credit: De Beers

 

Edward Sterck, an analyst at BMO Capital Markets, who is quoted in the piece, commented: “De Beers is a price setter and has not made any price cuts thus far, despite the open market price for rough diamonds falling by about 9% year-to-date. The most important market participant finally taking action after holding out for so long feels like a fairly typical indication that things may be about to improve”.



Tags: Diamonds News, Diamond Industry News, Diamond Prices News, De Beers News

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