De Beers lowers prices by 9 percent

De Beers lowers prices by 9 percent

Anglo American diamond giant De Beers has lowered prices by 9 percent, according to Bloomberg.

The economic slowdown in China has affected demand, with the area being one of the key diamond markets, combined with the effects of the recent commodities slump. Production cuts failed to support demand for the precious stones, as traders, cutters and polishers fail to make a profit.

The site quotes three unnamed sources, who say the information is not yet public. De Beers have cut their full-year production goal to from 32 million carats to between 28 and 30 million.