London: Diamond giant De Beers slashed the price of its precious solitaires amid plunging sales as bargain-hunting fiancées increasingly opt for cheaper labgrown gems, according to Bloomberg.

Among De Beers’ larger stones, one category of mined diamonds had its price slashed by as much as 25%. The category, called “select makeables,” include big rocks between two and four carats that can be cut into smaller polished stones used in high-quality bridal rings.

The prices within this category were already slashed heavily last year, sources told Bloomberg, as these mined gems took one of the biggest hits when synthetic options gained mainstream popularity.

Across the board, De Beers’ gems were lowered 10% at its first sale of the year, which typically reflects its largest price cuts, the sources told Bloomberg, asking to remain anonymous when discussing private details.

During its two sales in 2023, the London-based diamond company allowed its customers to refuse all gems they were contracted to buy in the year as it grappled with weak demand and too much stock in the wake of the pandemic. However, De Beers is no longer allowing its customers to reject its stones.