De Beers’ price hike is its biggest in years
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 about 5 percent at its first sale of the year, according to people familiar with the situation who asked not to be identified because the information is private. 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 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. A spokesman for De Beers declined to comment.