DIAMOND dealers De Beers Centenary slashed prices on diamonds bought from Australia by 10 per cent.
The price reduction affected poor quality, cheap “near-gem” and industrial diamonds that were mainly produced by the Argyle mine in WA’s north, reports said.
Argyle then produced 43 million carats of diamonds a year, which was about 40 per cent of global supplies.
Following the price cut, shares in Ashton Mining, which held a 40 per cent stake in Argyle, slumped 19 per cent.