De Beers to close Lightbox as lab-grown prices collapse and demand fades
De Beers, the 137-year-old British diamond giant best known for coining the slogan 'A diamond is forever,' is shutting down Lightbox, its lab-grown diamond jewelry brand, marking a complete withdrawal from the synthetic gemstone market.
Founded in 1888 and headquartered in London, De Beers is one of the world's most influential diamond producers, operating across the entire value chain—from exploration and mining to grading, retail, and marketing. The group is a subsidiary of Anglo American Plc and has historically controlled a significant share of the global diamond supply.
The decision to close Lightbox follows De Beers' 2023 announcement to halt production of man-made diamonds for jewelry. While the company had been exploring strategic options for the brand—including a potential sale—it confirmed on Thursday that it is now winding down operations. Discussions remain ongoing with potential buyers for selected assets, including remaining inventory.
Launched in 2018, Lightbox was De Beers' response to the rising appeal of synthetic diamonds. The brand positioned itself as an affordable alternative, offering lab-grown stones at transparent prices significantly lower than natural diamonds. The aim was to clearly differentiate between factory-made products and natural gems while testing consumer appetite for synthetic jewelry.
However, a sharp increase in global supply, particularly from China, caused synthetic diamond prices to collapse, undermining Lightbox's business model. In many cases, wholesale prices for lab-grown diamonds have fallen below Lightbox's own retail rates, forcing the brand into an unsustainable position.
'The persistently declining value of lab-grown diamonds in jewelry underscores the growing differentiation between these factory-made products and natural diamonds,' said Al Cook, chief executive officer of De Beers. 'The planned closure of Lightbox reflects our commitment to natural diamonds.'
The decision comes as part of wider cost-saving measures within the company. De Beers' parent company, Anglo American, is currently evaluating strategic options for the diamond business, including a potential sale or public listing. Industry-wide, the diamond market has experienced weakened demand—especially in China—and increasing pressure from lab-grown alternatives.
De Beers previously recorded a $1.6 billion writedown, followed by an additional $2.9 billion devaluation in February. Although Anglo American had initially considered an earlier divestment of De Beers, CEO Duncan Wanblad has since suggested the company may remain within the group until at least 2026, depending on market conditions.
Looking ahead, De Beers' synthetic diamond division, Element Six, will continue operations but will shift its focus exclusively to industrial applications—effectively ending De Beers' involvement in lab-grown diamond jewelry.
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