Latest news with #ElementSix
Fashion Network
23-05-2025
- Business
- 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.
Business Mayor
09-05-2025
- Business
- Business Mayor
De Beers Group announces intention to close its lab-grown diamond jewellery brand
Diamond mining major De Beers Group today announced its intention to close its lab-grown diamond (LGD) jewellery brand, Lightbox, reinforcing De Beers Group's commitment to natural diamonds in the jewellery sector. As part of the closure process, De Beers Group is discussing the sale of certain assets, including inventory, with potential buyers. Lightbox, which was established in 2018, has highlighted that LGDs are a distinct product from natural diamonds, with different attributes and different value. The business was launched with transparent linear pricing of USD 800 per carat. Since then, LGD prices in the jewellery sector have fallen 90% at wholesale, tracking closer to a cost-plus model as they have diverged from natural diamond prices. Reflecting this sharp price decline, De Beers Group intends to discontinue the Lightbox business. The evolution of LGD values in the jewellery sector underpins De Beers Group's core belief in rare, high-value, natural diamond jewellery as a separate category from low-cost, mass-produced LGD jewellery. The proposed closure of the Lightbox business reflects a key executional milestone in De Beers Group's Origins Strategy, as set out in May 2024, to focus on high-return activities and streamline the business. The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating the desire for natural diamonds through category marketing. De Beers Group will work closely with employees, retail partners, suppliers, and other stakeholders to ensure a smooth process over the coming months. Customers will continue to receive support for existing purchases, including warranties and after-sales services, during the closure process. Element Six, De Beers Group's subsidiary that previously produced lab-grown stones for Lightbox, maintains its exclusive focus on industrial solutions using synthetic diamonds. Building on its world-leading status developed over more than seven decades, Element Six is well-positioned to seize the rapidly growing potential for synthetic diamond applications across a range of future-facing technologies and applications. By centralising CVD (chemical vapour deposition) synthetic diamond production at its state-of-the-art facility in Oregon, US, Element Six will work with its growing global network of partners to accelerate cutting-edge technologies for high-growth industries, such as semiconductors and quantum technologies. With a track record of growth and profitability, Element Six is favourably positioned to drive the future of synthetic diamond solutions in industrial and high-tech applications. Al Cook, Chief Executive Officer of De Beers Group, said: 'As we move towards becoming a standalone company, we continue to optimise our business, reduce costs and build a focused De Beers that is positioned for profitable growth. 'The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds. Lightbox has helped to highlight the fundamental differences in value between these two categories. Global competition continues to intensify with more low-cost lab-grown diamond production from China. In the US, supermarkets are driving down lab-grown diamond jewellery prices. Overall, we expect both the cost and price of lab-grown diamonds to fall further in the jewellery sector.' 'The planned closure of Lightbox reflects our commitment to natural diamonds. We are also excited about the growing commercial potential for synthetic diamonds in the technology and industrial space,' he added.
Time of India
09-05-2025
- Business
- Time of India
De Beers Group announces intention to close its lab-grown diamond jewellery brand
HighlightsDe Beers Group has announced the closure of its lab-grown diamond jewellery brand, Lightbox, to reinforce its focus on natural diamonds in the jewellery sector. The prices of lab-grown diamonds have fallen 90% at wholesale since the establishment of Lightbox in 2018, leading to the decision to discontinue the brand as part of De Beers Group's strategic shift. Element Six, a subsidiary of De Beers Group, will continue to focus on industrial applications of synthetic diamonds, while the company reallocates investments to promote natural diamonds through marketing initiatives. Diamond mining major De Beers Group today announced its intention to close its lab-grown diamond (LGD) jewellery brand, Lightbox , reinforcing De Beers Group's commitment to natural diamonds in the jewellery sector. As part of the closure process, De Beers Group is discussing the sale of certain assets, including inventory, with potential buyers. Lightbox, which was established in 2018, has highlighted that LGDs are a distinct product from natural diamonds, with different attributes and different value. The business was launched with transparent linear pricing of USD 800 per carat. Since then, LGD prices in the jewellery sector have fallen 90% at wholesale, tracking closer to a cost-plus model as they have diverged from natural diamond prices. Reflecting this sharp price decline, De Beers Group intends to discontinue the Lightbox business. The evolution of LGD values in the jewellery sector underpins De Beers Group's core belief in rare, high-value, natural diamond jewellery as a separate category from low-cost, mass-produced LGD jewellery. The proposed closure of the Lightbox business reflects a key executional milestone in De Beers Group's Origins Strategy, as set out in May 2024, to focus on high-return activities and streamline the business. The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating the desire for natural diamonds through category marketing. De Beers Group will work closely with employees, retail partners, suppliers, and other stakeholders to ensure a smooth process over the coming months. Customers will continue to receive support for existing purchases, including warranties and after-sales services, during the closure process. Element Six, De Beers Group's subsidiary that previously produced lab-grown stones for Lightbox, maintains its exclusive focus on industrial solutions using synthetic diamonds . Building on its world-leading status developed over more than seven decades, Element Six is well-positioned to seize the rapidly growing potential for synthetic diamond applications across a range of future-facing technologies and applications. By centralising CVD (chemical vapour deposition) synthetic diamond production at its state-of-the-art facility in Oregon, US, Element Six will work with its growing global network of partners to accelerate cutting-edge technologies for high-growth industries, such as semiconductors and quantum technologies. With a track record of growth and profitability, Element Six is favourably positioned to drive the future of synthetic diamond solutions in industrial and high-tech applications. Al Cook, Chief Executive Officer of De Beers Group, said: 'As we move towards becoming a standalone company, we continue to optimise our business, reduce costs and build a focused De Beers that is positioned for profitable growth. 'The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds. Lightbox has helped to highlight the fundamental differences in value between these two categories. Global competition continues to intensify with more low-cost lab-grown diamond production from China. In the US, supermarkets are driving down lab-grown diamond jewellery prices. Overall, we expect both the cost and price of lab-grown diamonds to fall further in the jewellery sector." 'The planned closure of Lightbox reflects our commitment to natural diamonds. We are also excited about the growing commercial potential for synthetic diamonds in the technology and industrial space," he added.
Malay Mail
09-05-2025
- Business
- Malay Mail
De Beers Group Announces Intention To Close Lightbox Business
Underpins De Beers Group's commitment to natural diamonds Element Six to retain exclusive focus on industrial applications for synthetic diamonds Lightbox, which was established in 2018, has highlighted that LGDs are a distinct product from natural diamonds, with different attributes and different value. The business was launched with transparent linear pricing of $800 per carat. Since then, LGD prices in the jewellery sector have fallen 90% at wholesale, tracking closer to a cost-plus model as they have diverged from natural diamond prices. Reflecting this sharp price decline, De Beers Group intends to discontinue the Lightbox business. The evolution of LGD values in the jewellery sector underpins De Beers Group's core belief in rare, high-value, natural diamond jewellery as a separate category from low-cost, mass-produced LGD jewellery. The proposed closure of the Lightbox business reflects a key executional milestone in De Beers Group's Origins Strategy, as set out in May 2024, to focus on high-return activities and streamline the business. The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating desire for natural diamonds through category marketing. De Beers Group will work closely with employees, retail partners, suppliers, and other stakeholders to ensure a smooth process over the coming months. Customers will continue to receive support for existing purchases, including warranties and after-sales services, during the closure process. Demand Growth for Synthetic Diamonds in Industrial Applications Element Six, De Beers Group's subsidiary that previously produced lab grown stones for Lightbox, maintains its exclusive focus on industrial solutions using synthetic diamonds. Building on its world-leading status developed over more than seven decades, Element Six is well-positioned to seize the rapidly growing potential for synthetic diamond applications across a range of future-facing technologies and applications. By centralising CVD (chemical vapor deposition) synthetic diamond production at its state-of-the-art facility in Oregon, US, Element Six will work with its growing global network of partners to accelerate cutting-edge technologies for high growth industries, such as semiconductors and quantum technologies. With a track record of growth and profitability, Element Six is favourably positioned to drive the future of synthetic diamond solutions in industrial and high-tech applications. Al Cook, Chief Executive Officer of De Beers Group, said: "As we move towards becoming a standalone company, we continue to optimise our business, reduce costs and build a focused De Beers that is positioned for profitable growth. "The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds. Lightbox has helped to highlight the fundamental differences in value between these two categories. Global competition continues to intensify with more low-cost lab-grown diamond production from China. In the US, supermarkets are driving down lab-grown diamond jewellery prices. Overall, we expect both the cost and price of lab-grown diamonds to fall further in the jewellery sector. LONDON, UK - Media OutReach Newswire - 9 May 2025 - De Beers Group today announces its intention to close its lab-grown diamond ("LGD") jewellery brand, Lightbox, reinforcing De Beers Group's commitment to natural diamonds in the jewellery sector. As part of the closure process, De Beers Group is discussing the sale of certain assets, including inventory, with potential which was established in 2018, has highlighted that LGDs are a distinct product from natural diamonds, with different attributes and different value. The business was launched with transparent linear pricing of $800 per carat. Since then, LGD prices in the jewellery sector have fallen 90% at wholesale, tracking closer to a cost-plus model as they have diverged from natural diamond prices. Reflecting this sharp price decline, De Beers Group intends to discontinue the Lightbox business. The evolution of LGD values in the jewellery sector underpins De Beers Group's core belief in rare, high-value, natural diamond jewellery as a separate category from low-cost, mass-produced LGD proposed closure of the Lightbox business reflects a key executional milestone in De Beers Group's Origins Strategy, as set out in May 2024, to focus on high-return activities and streamline the business. The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating desire for natural diamonds through category Beers Group will work closely with employees, retail partners, suppliers, and other stakeholders to ensure a smooth process over the coming months. Customers will continue to receive support for existing purchases, including warranties and after-sales services, during the closure Six, De Beers Group's subsidiary that previously produced lab grown stones for Lightbox, maintains its exclusive focus on industrial solutions using synthetic diamonds. Building on its world-leading status developed over more than seven decades, Element Six is well-positioned to seize the rapidly growing potential for synthetic diamond applications across a range of future-facing technologies and applications. By centralising CVD (chemical vapor deposition) synthetic diamond production at its state-of-the-art facility in Oregon, US, Element Six will work with its growing global network of partners to accelerate cutting-edge technologies for high growth industries, such as semiconductors and quantum technologies. With a track record of growth and profitability, Element Six is favourably positioned to drive the future of synthetic diamond solutions in industrial and high-tech Cook, Chief Executive Officer of De Beers Group, said: "As we move towards becoming a standalone company, we continue to optimise our business, reduce costs and build a focused De Beers that is positioned for profitable growth."The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds. Lightbox has helped to highlight the fundamental differences in value between these two categories. Global competition continues to intensify with more low-cost lab-grown diamond production from China. In the US, supermarkets are driving down lab-grown diamond jewellery prices. Overall, we expect both the cost and price of lab-grown diamonds to fall further in the jewellery sector."The planned closure of Lightbox reflects our commitment to natural diamonds. We are also excited at the growing commercial potential for synthetic diamonds in the technology and industrial space." Hashtag: #DeBeersGroup #NaturalDiamonds The issuer is solely responsible for the content of this announcement. About De Beers Group Established in 1888, De Beers Group is the world's leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world's largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group's strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to 'Building Forever,' a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit
Zawya
09-05-2025
- Business
- Zawya
De Beers Group Announces Intention To Close Lightbox Business
Underpins De Beers Group's commitment to natural diamonds Element Six to retain exclusive focus on industrial applications for synthetic diamonds HONG KONG SAR - Media OutReach Newswire - 9 May 2025 - De Beers Group today announces its intention to close its lab-grown diamond ("LGD") jewellery brand, Lightbox, reinforcing De Beers Group's commitment to natural diamonds in the jewellery sector. As part of the closure process, De Beers Group is discussing the sale of certain assets, including inventory, with potential buyers. Lightbox, which was established in 2018, has highlighted that LGDs are a distinct product from natural diamonds, with different attributes and different value. The business was launched with transparent linear pricing of $800 per carat. Since then, LGD prices in the jewellery sector have fallen 90% at wholesale, tracking closer to a cost-plus model as they have diverged from natural diamond prices. Reflecting this sharp price decline, De Beers Group intends to discontinue the Lightbox business. The evolution of LGD values in the jewellery sector underpins De Beers Group's core belief in rare, high-value, natural diamond jewellery as a separate category from low-cost, mass-produced LGD jewellery. The proposed closure of the Lightbox business reflects a key executional milestone in De Beers Group's Origins Strategy, as set out in May 2024, to focus on high-return activities and streamline the business. The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating desire for natural diamonds through category marketing. De Beers Group will work closely with employees, retail partners, suppliers, and other stakeholders to ensure a smooth process over the coming months. Customers will continue to receive support for existing purchases, including warranties and after-sales services, during the closure process. Demand Growth for Synthetic Diamonds in Industrial Applications Element Six, De Beers Group's subsidiary that previously produced lab grown stones for Lightbox, maintains its exclusive focus on industrial solutions using synthetic diamonds. Building on its world-leading status developed over more than seven decades, Element Six is well-positioned to seize the rapidly growing potential for synthetic diamond applications across a range of future-facing technologies and applications. By centralising CVD (chemical vapor deposition) synthetic diamond production at its state-of-the-art facility in Oregon, US, Element Six will work with its growing global network of partners to accelerate cutting-edge technologies for high growth industries, such as semiconductors and quantum technologies. With a track record of growth and profitability, Element Six is favourably positioned to drive the future of synthetic diamond solutions in industrial and high-tech applications. Al Cook, Chief Executive Officer of De Beers Group, said: "As we move towards becoming a standalone company, we continue to optimise our business, reduce costs and build a focused De Beers that is positioned for profitable growth. "The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds. Lightbox has helped to highlight the fundamental differences in value between these two categories. Global competition continues to intensify with more low-cost lab-grown diamond production from China. In the US, supermarkets are driving down lab-grown diamond jewellery prices. Overall, we expect both the cost and price of lab-grown diamonds to fall further in the jewellery sector. "The planned closure of Lightbox reflects our commitment to natural diamonds. We are also excited at the growing commercial potential for synthetic diamonds in the technology and industrial space." Hashtag: #DeBeersGroup #NaturalDiamonds The issuer is solely responsible for the content of this announcement. About De Beers Group Established in 1888, De Beers Group is the world's leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world's largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group's strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to 'Building Forever,' a holistic and integrated approach for creating a better future – where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit De Beers Group
