Latest news with #DeBeers'
Miami Herald
11-05-2025
- Business
- Miami Herald
Major jewelry player pulls the plug on distressed brand
The luxury jewelry space has always been about tradition, scarcity, and sparkle. But in recent years, one major player tried to break that mold. It launched something new - something that challenged long-held beliefs about what makes a diamond valuable. Related: Birkin bag maker faces major problem At first, it looked like a bold move that could disrupt the entire industry. The pricing was transparent, the positioning was fresh, and the market seemed ready for change. Don't miss the move: Subscribe to TheStreet's free daily newsletter But now, less than a decade later, that experiment is coming to an end. De Beers is shutting down Lightbox, its moonshot jewelry brand that bet big on factory-made diamonds. What started as a fresh take on sparkle is ending with a hard pivot back to tradition. Launched in 2018, Lightbox was De Beers' attempt to draw a bold line between natural diamonds and their lab-made counterparts. The concept? Keep it simple: $800 per carat, no smoke, no mirrors. But the shine didn't last. Lab-grown prices tanked - plummeting up to 90% at wholesale - and the space got overrun with cheap stones from China and discount bins at U.S. supermarkets. Related: Top luxury fashion brands just made a quiet change "Lightbox has helped to highlight the fundamental differences in value between these two categories," said De Beers CEO Al Cook. "We expect both the cost and price of lab-grown diamonds to fall further in the jewellery sector." Translation? De Beers is out. And it's reportedly looking to offload what's left of Lightbox - inventory, assets, and all. The decision to wind down Lightbox is a key piece of De Beers' "Origins Strategy," a plan aimed at trimming the fat and leaning into what works: rare, high-margin natural diamonds. But synthetic diamonds aren't going away. They're just moving from jewelry counters to circuit boards. De Beers' Element Six division, which used to supply Lightbox, will now go all in on industrial and tech applications, such as semiconductors and quantum tech. The company plans to ramp up production at its sleek Oregon facility and team up with a global roster of innovators in high-growth sectors. With 70+ years of experience, Element Six wants to turn diamonds into something more powerful than a status symbol. In De Beers' view, the future of man-made diamonds isn't about sparkle. It's about speed, precision, and cutting-edge tech. And if you ask them, the real bling is now in the labs. With lab-grown stones losing their shine in the jewelry case, De Beers is betting their next big value play will be in high-tech labs - not on ring fingers. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Fashion Network
08-05-2025
- Business
- 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
- Business
- 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
- Business
- 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
- Business
- 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.
