The Diamond World Takes Radical Steps to Stop a Pricing Plunge

After a diamond price collapse, the industry’s biggest players have pulled out all the stops to halt the decline. It finally seems to be working.

With prices in free fall around the world, the one-time diamond monopoly has been forced to allow increasing flexibility.

Photographer: Yuri Kadobnov/AFP/Getty Images

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By Thomas Biesheuvel

November 11, 2023 at 11:00 PM GMT+10

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When the world’s most important diamond buyers arrived at De Beers’ offices in Botswana late last month, they were presented with a rare offer by their host: the option to buy nothing at all.

De Beers markets its rough diamonds in a series of tightly scripted sales, where handpicked buyers are normally expected to take all their contracted allocations at a price set by De Beers, or face potential penalties in the future. But with prices in free fall around the world, the one-time diamond monopoly has been forced to allow more and more flexibility, finally removing the restrictions altogether.