De Beers, the world's largest diamond producer, has implemented significant price cuts as the diamond market faces challenges from synthetic diamonds and weakening demand.

De Beers has cut diamond prices by more than 10% across the board as the world’s biggest producer abandons attempts to put a floor under the slumping market.

De Beers has reportedly lowered rough prices at its current sight in Gaborone, by as much as 15 per cent in some cases. It generally uses price cuts only as a last resort, and prefers to offer sight holders the right to refuse or sell back part of their allocation.

Jewelers know how difficult it has become to sell diamonds in a tough market but that’s a modest challenge compared with selling the world's premier diamond business.

De Beers diamond unit said Monday it is cutting prices by more than 10% across the board, as the world's biggest producer abandoned attempts to put a floor under one of the weakest markets in decades.

De Beers, the world’s largest diamond producer by value, is reducing the prices of its mined gems by more than 10% amid persistent market challenges that have prompt it to abandon earlier efforts to stabilize prices.