De Beers slashed the price of diamonds for the first time since December 2024, Bloomberg reported.
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De Beers slashed the price of diamonds for the first time since December 2024, Bloomberg reported. The prospect of a barrage of new tariffs on luxury goods from the US is also weighing on the industry. Synthetic stones are causing real problems — and not just for De Beers. In recent years, Chinese demand for diamonds has dried up, due to overall economic hardship and tariffs imposed in 2024. But the bigger challenge in the diamond industry is with direct competition from labs.
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Key Entities
- • De Beers - Diamond company cutting prices.
- • Diamonds - Commodity facing pricing pressure.
- • Synthetic stones - Lab-grown competition cited as a major challenge.
- • Chinese demand - Demand decline referenced in the report.
- • Tariffs - Factor weighing on luxury goods mentioned in the report.
- • Luxury goods - Category potentially hit by new tariff pressure.
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