De Beers implements biggest diamond price hike in years – Bloomberg

Anglo American PLC unit De Beers SA increased its diamond prices by about 5% in its first sale of 2021, the biggest rise in years, Bloomberg News reported Jan. 18, citing unnamed sources.

The price hike mostly covers diamonds larger than 1 carat. The report noted that De Beers does not publicize price changes. A company spokesman declined Bloomberg's request for comment.

De Beers made the price increase as the demand rebounded in late 2020 after the COVID-19 pandemic paralyzed the industry. In December 2020, the company earned $440 million for its 10th sales cycle, climbing from $426 million year over year due to strong holiday demand.

Amid the crisis, De Beers slashed its diamond prices and planned to reduce its workforce. Recently, the company reportedly cut the roster of its diamond buyers to strengthen its value chain.

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