These are tough times for De Beers. The diamond trader, part of mining company Anglo American, raised ‘only’ 250 million dollars with the sale of the gems during the last sale round. That meant the lowest amount since 2015. Compared with a year earlier, revenues decreased by 53 percent.

De Beers usually sells his diamonds to a select group of buyers. They are invited to Botswana ten times a year for some sort of auction. In addition, buyers are expected to accept the price and quantity of stones that are offered to them.

Because De Beers refuses to lower prices, it is ultimately costing buyers more and more trouble to make a profit themselves. The demand for diamonds is declining, which also leads to an oversupply on the market. Companies also have more difficulty in obtaining financing.

De Beers previously adjusted the rules to boost sales. De Beers also cut production schedules to balance supply and demand.