De Beers, the world’s largest diamond producer, said on Monday it has lowered diamond prices, as the global diamond industry grapples with one of its deepest and longest downturns in modern history.

De Beers, which once accounted for about 90% of global diamond supply, still controls roughly 60% of the world’s rough diamond trade. The industry has struggled since peaking in 2022, pressured by weaker luxury demand in major consumer markets and the growing popularity of lab-grown diamonds.

U.S. tariffs imposed on India, the world’s largest diamond exporter, have further weighed on the sector. Data from the RapNet Diamond Price Index (RAPI) show sharp structural divergence over the past two years, with prices of small natural diamonds falling by more than 30%, while larger, high-quality stones have proved relatively resilient.