De Beers has implemented one of the deepest cuts to its handpicked diamond buyer network in history, according to people familiar with the matter. The former diamond monopoly is making sweeping reductions to its elite group of buyers as it navigates a prolonged crisis that has shaken the entire industry. This represents a significant restructuring of how De Beers traditionally operated its sales network.

For decades, De Beers maintained tight control over diamond distribution through its exclusive buyer network, known as sightholders. The company's decision to dramatically reduce this network signals mounting pressure on its business model. Industry sources indicate the cuts affect a substantial portion of the sightholder community, though specific numbers weren't disclosed. The move comes as the diamond industry faces multiple headwinds including weak demand, oversupply concerns, and shifting consumer preferences.

The restructuring suggests De Beers is preparing for a fundamental shift in how it conducts business. By reducing its buyer network, the company may be seeking to streamline operations and reduce costs during this challenging period. This represents one of the most significant changes to De Beers' distribution model since the company began opening its sales process in recent years.