De Beers Cuts Diamond Prices at Sale

Bloomberg reported that De Beers has cut the price of gems at its latest sale, in a surprise move.

As quoted in the market news:

Prices had been expected to hold steady after De Beers promised to cut production last month. The auction’s results will be a blow to De Beers’s owner Anglo American Plc as the London-based mining group relies on its diamond business to counter routs in the iron-ore and coal markets. Diamonds accounted for about a quarter of the company’s sales last year.

Click here for the full Bloomberg report