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De Beers Slashes Diamond Prices in First Sale of the Year

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Credit squeeze, slower sales in China prompt the price cut.

In an attempt to stimulate demand, De Beers will reduce diamond prices in its first sale of 2016, Bloomberg reports. The article says that prices will be lowered by up to 7 percent as the diamond-producing giant readies to offer about $450 million of diamonds for sale. The sale comes as “slower diamond jewelry sales in China, the top buyer after the U.S., and a credit crunch in the industry has sapped demand. That’s left cutters and traders with excess stockpiles, and forced the biggest producers to cut output and prices.”

Read more at Bloomberg

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