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South Florida’s 1st News With Andrew Colton

You likely saw Andrew Colton reporting live from many of the major events that have shaped our world, including the Pentagon on 9/11, the crash of...Full Bio

 

Diamond Mining Giant De Beers Slashes Prices

Close-Up Of Diamonds

Photo: Koichi Yajima / EyeEm / EyeEm / Getty Images

With Valentine's Day just around the corner, good news for budget-minded future fiancées.

Diamond merchant De Beers is cutting the price of its coveted solitaires to compete with less expensive lab-grown sparklers.

The price of De Beers’ larger mined stones was price slashed by as much as 25% due to weak demand, according to Bloomberg.

At the start of 2024, De Beers cut prices by 10% and now the company is making deeper facets to "revive gem sales after the market ground to a halt," Bloomberg reports.

De Beers has mined diamonds in South Africa for over 100 years and controls over 85% of the supply, according to CNN.


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