DE BEERS RAISES DIAMOND PRICES BY NEARLY 5 PER CENT

De Beers implemented its biggest price increase for diamonds in years as the industry starts bouncing back from the pandemic-induced shutdown. The world's biggest diamond producer raised prices by about 5 per cent at its first sale of the year, according to people familiar with the situation. The increases mostly applied to stones bigger than 1 carat, the people said. The diamond industry has surprised many by the speed of its recovery after being brought to a complete standstill in the first half of last year. Crucial holiday sales in the U.S. and China were strong, while a shortage of stock held by industry middlemen created strong demand. De Beers doesn't publicize price changes, but it's probably one of the steepest increases since the early part of last decade, the people said. De Beers declined to comment.