De Beers price cuts could top 10% at sight


De Beers reduced prices at this week’s sight by as much as 10.7 percent on some goods, Rapaport has been told. Earlier, Bloomberg News reported the Anglo American Plc subsidiary had cut prices as much as 9 percent, citing three people familiar with the situation who asked not to be identified as the information isn’t public.

The reductions come as the company is already allowing sightholders to defer pre-agreed purchase commitments at this week’s sale in Botswana.

De Beers trimmed its full-year production target range to 29 million to 31 million carats from a previous goal of 30 million to 32 million carats. The earlier goal, itself, was down from the company’s year-end 2014 projection of as much as 34 million carats.

Source Rapaport