De Beers slashes diamond prices amid weak demand

De Beers announced steep cuts to its official rough‑diamond prices, lowering rates in almost all categories and bringing them close to secondary‑market levels. The move ends a long‑standing policy of keeping official prices 5‑50 % above market rates and follows a reduction in the number of approved buyers (sightholders) to about 45‑50, aimed at directing stones to its strongest clients.

The price reductions come as global luxury demand softens, especially in China, while synthetic diamonds and record supply from producers such as Angola increase competitive pressure. De Beers also switched to a single‑line invoicing system and altered box compositions, making direct price comparisons harder. The cuts are part of a broader restructuring that includes exiting the lab‑grown diamond market, winding down the Lightbox brand, and ongoing talks about a sale of the company, with Botswana seeking greater ownership and a consortium led by former chief Gareth Penny positioned as a potential buyer.