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De Beers Makes Sweeping Cuts to Its Elite Diamond-Buying Club

The diamond company produced less than 22 million carats last year, down from almost 35 million in 2022.
De Beers flagship store on the corner of Bond Street. Shutterstock.
De Beers flagship store on the corner of Bond Street. Shutterstock. (Shutterstock)

De Beers has made one of the deepest ever cuts to its group of handpicked diamond buyers as the former monopoly grapples with a prolonged crisis roiling the industry, people with knowledge of the matter said.

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