De Beers announces commitment to unlocking India's diamond potential
De Beers Group has reiterated its commitment to advancing India's role in the global diamond industry, with chief executive Al Cook highlighting the country's growing influence across the diamond value chain during a recent visit to Mumbai and Surat.
'For more than two thousand years, India has been at the heart of the world's diamond industry,' said Cook in a press release. 'But I have also seen that the future of diamonds in India will be even greater than the past.' Cook noted India's rise as the second-largest market for natural diamonds, stating the industry is now increasingly about diamonds 'for India' and 'to India'.
As wholesale prices for lab-grown diamonds fall below $60 per carat, Cook emphasised the growing importance of consumer education and verification tools. 'The myth that you can't tell the difference between a natural diamond and an LGD is beginning to shatter and DiamondProof's influence is only going to grow,' said Cook.
Following the planned closure of its Lightbox LGD jewellery brand, De Beers aims to focus on high-tech applications through Element Six, including opportunities in India's semiconductor and AI sectors.
Cook also underlined strategic partnerships with Tanishq and the Gem and Jewellery Export Promotion Council, alongside plans to expand the Forevermark brand to 100 stores in 40 cities by 2030. De Beers and the GJEPC have also launched INDRA to support independent retailers with promotional tools and training.
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Fashion Network
23-05-2025
- Fashion Network
De Beers announces commitment to unlocking India's diamond potential
De Beers Group has reiterated its commitment to advancing India's role in the global diamond industry, with chief executive Al Cook highlighting the country's growing influence across the diamond value chain during a recent visit to Mumbai and Surat. 'For more than two thousand years, India has been at the heart of the world's diamond industry,' said Cook in a press release. 'But I have also seen that the future of diamonds in India will be even greater than the past.' Cook noted India's rise as the second-largest market for natural diamonds, stating the industry is now increasingly about diamonds 'for India' and 'to India'. As wholesale prices for lab-grown diamonds fall below $60 per carat, Cook emphasised the growing importance of consumer education and verification tools. 'The myth that you can't tell the difference between a natural diamond and an LGD is beginning to shatter and DiamondProof's influence is only going to grow,' said Cook. Following the planned closure of its Lightbox LGD jewellery brand, De Beers aims to focus on high-tech applications through Element Six, including opportunities in India's semiconductor and AI sectors. Cook also underlined strategic partnerships with Tanishq and the Gem and Jewellery Export Promotion Council, alongside plans to expand the Forevermark brand to 100 stores in 40 cities by 2030. De Beers and the GJEPC have also launched INDRA to support independent retailers with promotional tools and training.
Fashion Network
08-05-2025
- Fashion Network
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.
Fashion Network
08-05-2025
- Fashion Network
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.
