[miningmx.com] – DE BEERS has lowered diamond prices 10% last month in an effort to spur demand for the flagging luxury items, said Bloomberg News in an article that was republished by BDLive.
This was after two reductions in annual output – equal to a total cut of 15% – failed to halt an accelerating slump in prices for uncut gems. Rough diamond prices have fallen 14% this year and are heading for their fifth consecutive quarterly loss – the longest streak in at least a decade, said Bloomberg News citing figures from WWW International Diamond Consultants.
In July, De Beers lowered its full-year production goal to between 29-million and 31-million carats, from between 30-million and 32-million, said Bloomberg News. At the start of the year, it was planning to mine as much as 34-million carats, it said.
“We don’t go around worrying about market share,” Bruce Cleaver, De Beers’ head of strategy, told the newswire service.
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