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.

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.

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.

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.