London: Global diamond giant De Beers has reduced the prices of its rough diamonds and removed 25 elite buyers from its exclusive list of approved customers, signaling a major strategic shift as the industry grapples with weak demand and growing competition from lab-grown diamonds.
The company has reportedly lowered prices across several categories of rough diamonds to stimulate sales after a prolonged slowdown in the global diamond market. Demand for natural diamonds has remained under pressure due to changing consumer preferences, economic uncertainty, and increased availability of lower-cost laboratory-grown alternatives.
In a parallel move, De Beers has trimmed its exclusive list of “sightholders”—a select group of buyers granted direct access to purchase rough diamonds at the company’s scheduled sales events. The reduction of 25 buyers is aimed at streamlining the sales network and focusing on customers with stronger financial capacity and long-term market commitments.
Industry analysts view the twin decisions as part of De Beers’ broader efforts to rebalance supply with market demand while maintaining stability in the natural diamond sector. The company has also been adjusting production levels in response to subdued global sales and elevated inventories.
The global diamond industry has faced significant headwinds over the past two years, with declining consumer spending in key markets such as the United States and China affecting demand for luxury jewellery. At the same time, lab-grown diamonds have gained market share by offering similar visual characteristics at substantially lower prices.
Market observers believe De Beers’ latest pricing adjustments and restructuring of its buyer network could help improve market liquidity and restore confidence in the natural diamond trade. However, the industry’s recovery is expected to depend on a sustained rebound in consumer demand and broader economic conditions.