De Beers lowered diamond prices by about 8 percent at its Diamond Trading Company (DTC) sight this week.
Rapaport reported that the sight had an estimated value of about $580 million, adding that all the goods were snapped up.
It quoted Sightholders as saying that the price adjustments were implemented across the board with larger declines of up to 17 percent for better-quality goods.
One Sightholder said that the difference between the rough and polished price movements had narrowed to about 5 percent from 15 percent prior to the sight.
Meanwhile, DTC head of sightholder services and communications Louise Prior said they “had a four point plan for this sight to include price adjustments to reflect a fair return on rough to polished in line with prevailing polished demand”.
She said that the sight appeared to have been “well received” by all and showed their confidence in the market for the rest of year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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