DeBeers, the world’s largest diamond producer, has cut its prices by 10% as it tries to boost sales around the world.
DeBeers, which is majority owned by British mining company Anglo American (AAL), has initiated an average price cut on its diamonds of 10%. However, some of its largest diamonds have had their prices cut by as much as 25%.
The global diamond market has struggled in recent years with an economic slowdown, the growing popularity of lab-grown diamonds, and fewer marriages coming out of the pandemic.
DeBeers previously announced that it is likely to sell two-thirds fewer diamonds in the final months of 2023 than in the same period of 2022.
The company has said it faces a market glut of the precious stones due to oversupply and a lack of demand.
DeBeers had begun to limit its sales last year as demand for diamonds steadily declined throughout 2023.
The company has also revived its classic “A Diamond is Forever” advertising campaign in the U.S. in order to spur sales.
Anglo American’s stock has declined 49% over the past 12 months to trade at 1,825.60 British pounds ($2,305 U.S.) per share.
