De Beers said to cut diamond prices in first sale of the year

The De Beers Group of Cos. reportedly will cut diamond prices by as much as 7 percent for the company’s first sale of the year, according to Bloomberg Business.

Citing sources who asked not to be identified, the news agency reports the Luxembourg-based gem giant will offer roughly $450 million worth of diamonds for a reduced price.

De Beers cut production goals three times last year, eventually landing on 29 million carats, down from 34 million. Diamond prices dropped 18 percent in 2015.

Like parent company Anglo American Plc, De Beers’ demand slackened with China’s economic downturn. The country is De Beers’ second-largest customer after the U.S.

Read more from Bloomberg Business.