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    Home»Diamonds»De Beers Implements Price Cuts for Rough Diamonds
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    Diamonds

    De Beers Implements Price Cuts for Rough Diamonds

    Steven JosephBy Steven Joseph03/12/20242 Mins Read
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    De Beers has reduced prices for its rough diamonds by 10% to 15% at its final sight of 2024, according to industry sources. 

    The adjustment, applicable to most diamond categories, seeks to address weak demand and better reflect open market pricing.

    Addressing Price Disparities

    The price cuts aim to narrow the gap between De Beers’ rough diamond prices and goods sold at tenders and auctions, which were reportedly 20% to 25% cheaper in some categories. Sightholders had expressed concerns about De Beers maintaining price levels despite declining demand.

    A De Beers spokesperson declined to comment on the price changes but mentioned stabilisation in polished diamond prices and lower polished inventories in retail and midstream markets. “We believe this provides a basis for more balance and potential growth as polishing operations resume after the Diwali break,” the spokesperson said.

    Changes in Supply Flexibility

    The adjustment also includes changes to supply flexibility measures that De Beers had introduced during the downturn. For smaller diamonds, the miner has reverted to its standard policy of allowing customers to sell back up to 10% of goods at an agreed price. For larger diamonds, including 4-grainers (1 carat) and above, the buyback allowance has been increased to 20%, up from 10%, sources reported.

    Industry Reactions

    While the cuts were anticipated, some in the diamond market expressed disappointment at the extent of the reduction. A manufacturing executive remarked, “The reduction is so [little] that no one will buy much.” Another sightholder stated, “We’ve already lost so much. How much more can we lose?”

    Many manufacturers are still unable to achieve profitability despite the lower prices. Industry insiders had expected deeper cuts in January 2025 to better align valuations with market realities. However, some believe De Beers chose to introduce changes earlier to avoid a potentially negative market reaction to a single significant adjustment in the new year.

    Implications for the Jewellery Industry

    The price adjustments offer limited relief to manufacturers and underline the ongoing challenges in the diamond market, including weak demand and low profitability in the midstream. Sightholders have left significant quantities of goods unsold in recent sights, citing ongoing struggles in polished sales and operational costs.

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    Steven Joseph

    Steven aims to be first to bring the news on industry updates, while his finance background informs his insights on how broader economic trends affect the jewellery trade

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