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.