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ATLANTA (AP) — With many Americans still recovering from multiple blasts of snow and unrelenting freezing temperatures in the nation’s northern tier, a new storm is set...

De Beers Cuts Diamond Prices, Botswana Warns Of Prolonged Slump De Beers, the world's largest diamond mining company, has warned of a prolonged downturn in the gem industry after cutting prices for the first time since 2024. Botswana is the epicenter of De Beers' diamond production, and declining output alongside falling prices is set to put significant pressure on the southern African nation's finances. On Monday, Bloomberg News reported that De Beers cut its diamond prices for the first time in over a year, abandoning efforts to prop up the market amid faltering demand. A combination of soft Chinese luxury spending, expanding market share for lab-grown stones, and added pressure from US tariffs on India has pressured the world's largest diamond exporter. The Diamond Standard Index, a benchmark price measure for investment-grade natural diamonds, has fallen by more than half since peaking in early 2022. The index is now at a record low, with data going back to 2002. As for Botswana, the Finance Ministry warned that diamond income could fall to 10.3 billion pula ($744 million) in FY2025-26, less than half the historical average of 25.3 billion pula, and that revenues may never fully recover. "The recovery in mineral revenue is expected to be prolonged," the Finance Ministry wrote in a report ahead of the annual budget next month. "The shortfall is likely to persist over the medium to long term with a possibility of a non-recovery." Bloomberg wasn't clear about the size of the price discount De Beers offered buyers for diamonds. Tyler Durden Wed, 01/21/2026 - 05:45