De Beers has reduced diamond prices by 10% to 15%, marking its first major price cut of the year and reflecting the ongoing slump in the diamond market. This decline follows a prolonged downturn, worsened by inflation, a collapse in China’s luxury market, and the rise of man-made diamonds. De Beers had previously tried to stabilize prices by offering more flexibility to customers, but capitulated at its final sale of the year due to continued market pressure. The company’s owner, Anglo American, is also seeking to exit the diamond business amid a broader restructuring.