De Beers, the world's largest diamond producer, has implemented significant price cuts as the diamond market faces challenges from synthetic diamonds and weakening demand.

De Beers has cut diamond prices by more than 10% across the board as the world’s biggest producer abandons attempts to put a floor under the slumping market.

Jewelers know how difficult it has become to sell diamonds in a tough market but that’s a modest challenge compared with selling the world's premier diamond business.

Despite the challenging conditions, De Beers is aiming for annual core profits of $1.5 billion by 2028. Last year, however, it earned just $72 million — far below its historical range of $500 million to $1.5 billion, which the miner attributed to the diamond industry’s cyclical nature.

De Beers diamond unit said Monday it is cutting prices by more than 10% across the board, as the world's biggest producer abandoned attempts to put a floor under one of the weakest markets in decades.

De Beers, the world's largest diamond producer, has taken the unprecedented step of slashing prices by 10% to 15% at its final sale of the year, signaling a significant shift in strategy as the diamond market grapples with one of its deepest slumps in decades.