De Beers is said to make big cuts in low-end diamond prices

De Beers made steep cuts in the prices of low-quality stones at its sale this week, according to people familiar with the situation. The world’s biggest producer reduced prices as much as 10% for low-quality stones, said the people, who asked not to be identified because the sales are private. It’s the latest sign that the bottom end of the market is in turmoil.