De Beers lowered its prices for diamonds at the Diamond Trading Company sight last week, Rough and Polished reports. An average decrease in price of approximately 8% was observed.



With the drop in prices, demand for the lots was steady and De Beers managed to sell all of the gems which they put up for sale. The total value of all the diamond sold at the sight was about $580 million.



Some sightholders stated that while the average price drop was near 8%, there were some individual price decreases which amounted to 17%. Another sightholder said that the disparity between the prices of rough diamonds and polished diamonds was reduced, from about 15% before the sight to about 5% after the sight.



DTC head of sightholder services and communications Louise Prior said that the price adjustments were implemented so that returns on rough diamonds would be fair, according to Rough and Polished.