Morning Bites (part 2)

💎De Beers has cut prices for its >0.75ct rough diamonds, marking the first official revision since December 2024, Bloomberg reports. However, the exact scale of the reductions remains unclear, as the company adjusted its rules and assortments, making direct comparisons complicated

In our view, De Beers might have started shifting its previously non-public discounts into regular sales cycles. To recap, since early-2025, the miner has been selling diamonds to selected buyers at closed auctions, while prices at regular tenders remained up to 25% higher. This decision undermined market confidence and disrupted traditional price-over-volume strategy, we believe

We maintain a cautious view on the global diamond market and believe that the supply discipline will not start to recover until Anglo American completes the planned sale (or spin-off) of De Beers, which accounts for ~30% of global rough diamonds mined supply

#diamonds