De Beers Group has announced plans to cut its rough diamond prices in a bid to stay competitive with smaller companies and to reinvigorate the waning market in the wake of the coronavirus pandemic.
In its latest ‘Diamond Insight Flash Report’ on the state of the industry it revealed hopes that consumers would consider using unspent travel funds from the year so far on diamond jewellery.
However, its 54% revenue drop through the first half of 2020 suggests a significant decline in consumer interest in diamonds.
Now, Bloomberg has reported that De Beers will be cutting the costs of its rough diamonds over 1ct in size by 9%.
This is in a bid to regain the interest of buyers and to compete with smaller sellers that have been undercutting it on prices.
The costs of De Beers’ smaller stones will, however, remain unchanged.
Read below about the company’s financial report for the first half of the year: