INSUBCONTINENT EXCLUSIVE:
De Beers, a leading diamond company from Southern Africa, has reduced prices to rejuvenate sales after a market slowdown.Last year, the
diamond market nearly halted, prompting major miners to stop supply to prevent further price drops.De Beers responded by slashing prices by
about 10% across all categories in its first sale of the year, a key time for the industry.This price reduction strategy included bigger
cuts for larger stones, with some categories seeing a decrease of up to 25%.These measures aim to boost demand, which has been uncertain
among commercial buyers.Diamond Giant De Beers Cuts Diamond Prices Amid Sales Slump
(Photo Internet reproduction)The jewelry industry, initially thriving during the pandemic as consumers bought diamond jewelry and luxury
items, faced a downturn as economies reopened.Overstocked businesses struggled with high-priced inventory.The slowdown intensified as the
United States market contracted, and the real estate crisis shook consumer confidence in China.Additionally, competition from lab-created
diamonds grew.To manage this situation, Alrosa in Russia halted all diamond sales for two months, and buyers in India, a major diamond trade
hub, voluntarily banned imports.DeBeers also allowed clients to delay purchases in the final two sales of 2023 without reducing prices.The
spending on luxury goods like diamonds.The rise of synthetic diamonds adds to the competition, affecting traditional diamond prices.De
preferences and the synthetic diamond market.These price adjustments at the start of the year are crucial
They set the tone for buyers replenishing their stocks after the holiday.The industry is now watching to see if these cuts will help revive
