{"id":59638,"date":"2024-01-16T09:06:30","date_gmt":"2024-01-16T09:06:30","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales"},"modified":"2024-01-16T09:33:42","modified_gmt":"2024-01-16T09:33:42","slug":"de-beers-cuts-diamond-prices-to-revive-sales","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales","title":{"rendered":"De Beers cuts diamond prices to revive sales"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>De Beers made big cuts to its diamond prices as the world\u2019s top producer tries to revive gem sales after the market ground to a halt last year.<\/p>\n

The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in a desperate attempt to stem a collapse in prices.<\/p>\n

While those efforts helped the market to pick up a bit, it\u2019s unclear how much appetite trade buyers currently have.<\/p>\n

To improve demand, De Beers cut prices by about 10% across the board at its first sale of this year \u2014 traditionally one of the largest \u2014 according to people familiar with the matter.<\/p>\n

The one-time monopoly made bigger cuts for some larger stones, with one category being lowered by about 25%, said the people, who asked not to be identified because the details are private.<\/p>\n

The industry has been whipsawed since the start of the pandemic. It was one of the great winners as stuck-at-home shoppers turned to diamond jewellery and other luxury purchases.<\/p>\n

But demand quickly faded as economies reopened, leaving many in the trade holding excess stock that they\u2019d paid too much for.<\/p>\n

The cooldown rapidly escalated as the crucial US market wobbled under rising inflation. In addition, consumer confidence in key growth markets in China was hurt by a property crisis, while competition from lab-grown diamonds increased.<\/p>\n

That left the industry with little choice but to curb supply. Russia\u2019s Alrosa PJSC in September halted all sales for two months which was followed by buyers in India \u2014 the dominant cutting and trading centre \u2014 voluntarily banning imports.<\/p>\n

De Beers allowed its customers to refuse all gems they\u2019re contracted to buy for the last two sales of 2023, though didn\u2019t cut its prices despite declines in the wider market. It has now removed that flexibility to reject stones, the people said.<\/p>\n

A De Beers spokesman declined to comment.<\/p>\n

Price cuts<\/b><\/p>\n

The Anglo American Plc unit still wields considerable power in the rough-diamond market. It holds 10 sales each year in which the buyers \u2014 known as sightholders \u2014 generally have to accept the price and the quantities offered.<\/p>\n

At this month\u2019s sale, the biggest reduction in prices came in a category known as \u201cselect makeables\u201d \u2014 diamonds between 2 and 4 carats that can be cut into smaller polished stones used in bridal rings and which are high quality but not flawless.<\/p>\n

Even after cutting prices for that category heavily last year, De Beers lowered them by another 25% this month, the people said.<\/p>\n

Those gem types have been badly hit by the growing popularity of synthetic diamonds \u2014 which themselves have slumped in price.<\/p>\n

The first sale of the year is one of the most important as midstream buyers who cut and polish rough stones into jewellery restock after the crucial holiday period.<\/p>\n

The key question is whether the latest price cuts will help build momentum. Prices started to rebound toward the end of last year as buyers who were short of stones and needed new stock to keep factories open fueled demand amid limited supplies.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. De Beers made big cuts to its diamond prices as the world\u2019s top producer tries to revive gem sales after the market ground to a halt last year. The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in […]<\/p>\n","protected":false},"author":84,"featured_media":59636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-59638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nDe Beers cuts diamond prices to revive sales - South Africa<\/title>\n<meta name=\"description\" content=\"De Beers made big cuts to its diamond prices as the world\u2019s top producer tries to revive gem sales after the market grou ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"De Beers cuts diamond prices to revive sales\" \/>\n<meta property=\"og:description\" content=\"De Beers made big cuts to its diamond prices as the world\u2019s top producer tries to revive gem sales after the market grou ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-16T09:06:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-16T09:33:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1705384917.495508.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"De Beers cuts diamond prices to revive sales\",\"datePublished\":\"2024-01-16T09:06:30+00:00\",\"dateModified\":\"2024-01-16T09:33:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales\"},\"wordCount\":532,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1705384917.495508.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/de-beers-cuts-diamond-prices-to-revive-sales\",\"name\":\"De Beers cuts diamond prices to revive sales - 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