De Beers to Cut Diamond Prices by 9%

De Beers, the world’s biggest diamond producer, said Monday it’s being forced to lower prices by as much as 9 percent due to falling demand. The company will let its customers defer the purchases they made at different prices. The diamond industry is struggling against credit squeezes and declining jewelry sales. De Beers at first was trying to help the industry by simply cutting production and now has been forced to drastically lower prices.