De Beers Cuts Diamond Prices for The First Time in Over a Year

De Beers cut its official diamond prices for the first time in more than a year, according to people familiar with the matter, ending its attempts to support the market in the face of slumping demand.

The diamond industry has been beset by one of the deepest and most prolonged crises in modern history amid a pullback in Chinese luxury spending and rising popularity of synthetic stones. US tariffs on India — the world’s largest diamond exporter — have added even more pain.