Falling Prices Force De Beers To Shut Down Its Lab-Grown Diamonds Brand
South African-British corporation, De Beers Group, has announced its decision to shut down its lab-grown diamond (LGD) brand called Lightbox. For the unversed, LGDs are chemically produced diamonds that look identical to natural mined diamonds.
As per Statista, the lab-grown diamond industry has been growing steadily over the past decade. However, the company released a statement on their official website that highlighted that Lightbox was established in 2018, and since then the prices for LGDs have fallen by 90 percent at wholesale. Considering the drop in the price and a decline in the market, the company has taken the decision to discontinue the brand.
However, this is a strategic move by the leading diamond producer to shift their focus on natural diamonds instead. According to the brand's official statement on their website, the aim is to streamline the business and concentrate to high-return operations.
The proposed shutdown of Lightbox marks a significant milestone in the implementation of De Beers Group's Origins Strategy, announced in May 2024. "The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating desire for natural diamonds through category marketing," reads the statement on the official De Beers Group website.
De Beers assured a smooth transition process for stakeholders, including employees, suppliers, retail partners, and customers. The company has assured that support will be given to all existing Lightbox purchases, including warranties and after-sales services, throughout the closure period.
While stepping away from LGDs in jewellery, De Beers is expanding its commitment to synthetic diamonds for industrial use through its subsidiary called Element Six. Leading the market in advanced synthetic diamond solutions for over 70 years, this was the division that used to supply lab-grown stones to Lightbox.
De Beers believes this shift will support the company's growth and profitability in high-tech sectors.
CEO Al Cook emphasised that the closure aligns with De Beers' efforts to optimise operations, reduce costs, and build a more focused and profitable business. Cook affirmed the ongoing commitment of De Beer's to natural diamonds and the growing potential for synthetic diamonds in industrial applications.
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