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According to a recent report from Bloomberg Business, De Beers is planning to cut diamond prices by as much as 9%. This is the second time this year that the company has lowered its production targets in an effort to boost demand for diamonds.
“De Beers and other diamond producers are under pressure to cut supply and lower prices as traders, cutters and polishers struggle to turn a profit amid a squeeze on credit and languishing jewelry sales. De Beers had sought to support the diamond market by reducing production rather than prices,” says Thomas Biesheuvel.
“De Beers last month cut its full-year production goal to 29 million to 31 million carats from an earlier target of 30 million to 32 million carats. At the start of the year, it was planning to mine as much as 34 million carats,” he adds.
The extent to which this will impact the diamond industry is unknown at this time. De Beers has yet to comment.
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