De Beers Cuts Rough Prices for Third Consecutive Sight
Rough diamond prices continue to soften as midstream inventory levels remain elevated. 2-carat goods most affected.
De Beers has cut rough diamond prices for the third consecutive sight, reflecting persistent weakness in the midstream. The latest reductions target 2-carat and larger categories most aggressively, with price cuts averaging 5–10%.
The midstream inventory overhang — primarily in India's cutting centers — continues to weigh on the market. Polished goods are sitting longer in inventory, and manufacturers are showing reduced appetite for new rough purchases at current price levels.
For retailers, the rough price cuts will eventually flow through to lower polished prices, but the timeline is 3–6 months given current inventory levels. The near-term opportunity is in negotiating better terms with existing polished suppliers who are motivated to move goods.
This is the longest sustained period of rough price declines since 2015. While the structural fundamentals for natural diamonds remain intact (declining mine production, steady consumer demand in key markets), the market needs time to work through the current supply-demand imbalance.