De Beers raised diamond prices for the first time since the outbreak of global pandemic, signaling growing confidence in a rebound for the struggling industry.

Prices increased by about 2% to 3% at the diamond giant’s final sale of the year last week, according to people familiar with the situation who asked not to be identified as the information is private. That’s the first time De Beers has been able to start reversing steep cuts made earlier this year.