We've been documenting the global diamond crisis that has unfolded in the last several several years. 

De Beers has spent the back half of the year slashing diamond prices as global markets remained oversupplied into the holiday season, mostly reflecting demand woes for top markets in the US, Europe, and China. 

Macroeconomic headwinds have primarily been the reason for waning diamond demand as a global trade recession appears to be nearing. 

De Beers will mine one million carats less than previously thought in both 2020 and 2021, Bloomberg said, citing a recent investor deck. That equates to about 1% of the global diamond output and outlines how the world's largest miner is slowing its expansion as the industry is plagued with oversupply and lackluster demand woes.

De Beers wholesales diamonds in ten sales per year in Botswana's capital, Gaborone, and the buyers normally cannot challenge price and quantity. Buyers have become increasingly frustrated with the cost of rough diamonds sold by the company as prices of cut ones have plummeted.

To address oversupplied conditions, De Beers has lowered prices of rough stones, which has cut into profits. 

Diamond sales between Jan. to Nov. were $1.2 billion lower than the same period in 2018.