De Beers Group has announced plans to close its lab-grown diamond (LGD) jewellery brand, Lightbox. The move highlights the company’s renewed focus on natural diamonds for the jewellery market. As part of the closure process, De Beers is in talks to sell some assets, including Lightbox’s inventory, to interested buyers.
Lightbox was launched in 2018. It aimed to show that lab-grown diamonds are different from natural diamonds in both value and characteristics. The brand introduced a clear pricing model of $800 per carat. However, since its launch, the wholesale prices of LGDs have dropped by 90%. This price drop reflects the shift toward cost-based pricing and away from the premium pricing associated with natural diamonds. In response, De Beers has decided to shut down the Lightbox brand.
The steep decline in LGD prices supports De Beers’ belief that natural diamonds belong in a separate category. According to the company, rare and high-value natural diamonds are not comparable to mass-produced, low-cost lab-grown alternatives.
This decision aligns with De Beers Group’s broader business strategy, known as the Origins Strategy, which was announced in May 2024. The plan aims to focus on areas with high returns and reduce complexity across the business. By closing Lightbox, the company will free up resources to promote natural diamonds through marketing and branding efforts.
De Beers says it will work closely with employees, retailers, suppliers, and other partners during the transition. The company will also continue to support Lightbox customers, including honoring warranties and providing after-sales service while the brand winds down.
Lab-Grown Diamonds Remain Strong in Industrial Use
While De Beers is exiting the lab-grown jewellery market, it is keeping a firm hold on synthetic diamond production for industrial uses. Element Six, a subsidiary of De Beers, will continue to produce synthetic diamonds for high-tech applications. The company has been active in this field for more than 70 years.
Element Six is now focusing on industries such as semiconductors and quantum technology. It uses advanced chemical vapor deposition (CVD) techniques at its modern facility in Oregon, USA. With its global network of partners, Element Six plans to grow its presence in these fast-evolving markets. The unit has a strong track record and is expected to lead innovation in synthetic diamond solutions for industrial use.
CEO Emphasizes Focus on Natural Diamonds and Industrial Tech
Al Cook, CEO of De Beers Group, said the closure of Lightbox is part of efforts to streamline operations and prepare the company for long-term growth.
“As we move toward becoming a standalone business, we are focusing on improving efficiency, cutting costs, and growing profitably,” Cook said.
He added that falling prices of lab-grown diamonds show how different they are from natural diamonds. “Lightbox helped to show the value gap between lab-grown and natural diamonds. Competition in this space is increasing, especially with low-cost producers in China. In the U.S., even supermarkets are selling LGD jewellery at lower prices. We believe the cost and price of LGDs will continue to decline.”
Cook said the company remains committed to natural diamonds. He also sees strong business potential for synthetic diamonds in industrial and technology sectors.
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