Reported 2 days ago
De Beers, the world's largest diamond producer, has implemented significant price cuts of over 10% due to a prolonged slump in the diamond market, spurred by inflation and a collapse in China's luxury market. As demand continues to falter and competition from man-made diamonds increases, De Beers has shifted from its previous pricing strategies, marking its first major price reduction this year. The company is under pressure as its owner, Anglo American, aims to divest from the diamond business following a failed takeover bid.
Source: YAHOO