Latest news with #Lightbox
Bloomberg
2 days ago
- Business
- Bloomberg
Diamond Wars: The Future of Lab Grown vs. Natural Diamonds
Lab Grown diamonds continue to put pressure on the $370 billion dollar global jewelry market. For the first time ever, more than half of engagement rings are made with lab grown diamonds. Despite the boom, De Beers says it will be closing its lab-grown diamond jewelry brand Lightbox. Ankur Daga, the Co-Founder and CEO of Angara, an online jeweler. (Source: Bloomberg)
NDTV
14-05-2025
- Business
- NDTV
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.
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.
Yahoo
10-05-2025
- Business
- Yahoo
De Beers to discontinue lab-grown diamond business Lightbox
Diamond mining giant De Beers Group has announced plans to discontinue its lab-grown diamond (LGDs) jewellery brand Lightbox and focus on natural diamonds in the jewellery sector. Discussions regarding the sale of Lightbox's assets, including its inventory, to potential buyers are under way. Launched in 2018, Lightbox distinguished LGDs from natural diamonds, highlighting their unique attributes and differing values by offering transparent linear pricing of $800/carat. However, LGD wholesale prices in the jewellery sector have since plummeted by 90%, aligning more with a cost-plus model. This price drop has led De Beers Group to cease operations of the Lightbox business. Lower demand and uncertainties regarding tariffs have also contributed to the company's decision, reported Reuters. The planned shutdown of Lightbox is a strategic step in De Beers Group's Origins Strategy, introduced in May 2024, to concentrate on high-return activities and streamline operations. The closure will allow the company to redirect investments into initiatives that enhance the appeal of natural diamonds through marketing efforts. De Beers Group will work towards facilitating a smooth transition for employees, retail partners, suppliers and other stakeholders over the next few months. Support for existing Lightbox purchases including warranties and after-sales services will continue throughout the closure period. De Beers Group CEO Al Cook said: 'As we move towards becoming a stand-alone 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.' Element Six, a De Beers Group subsidiary that supplied lab-grown stones for Lightbox, will continue focusing on synthetic diamond industrial solutions. The company will capitalise on the increasing demand for synthetic diamonds in high-growth industries such as semiconductors and quantum technologies. Element Six will centralise its chemical vapour deposition synthetic diamond production in Oregon, US, from where it plans to expand its global partnerships and drive innovation in industrial and high-tech applications. Earlier this year, Anglo American, the parent company of De Beers, announced that it expects to book an impairment this year for its De Beers diamond business due to weak market conditions. "De Beers to discontinue lab-grown diamond business Lightbox" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Business
- Yahoo
De Beers Is Closing Its Lab-Grown Diamond Jewelry Business
De Beers is saying goodbye. The company announced that it is officially closing its lab-grown diamond jewelry business, known as Lightbox, in a move that confirms its allegiance to traditional stones; the diamond miner had announced last year that it would no longer sell its own man-made gems. De Beers is considering the sale of some of the business's inventory, as well as other assets, as a result, Bloomberg reported. More from Robb Report Bryan Cranston's Former SoCal Beach House Can Be Yours for $8 Million Mansory's Latest Bonkers Creation Is a Convertible G-Wagen With Suicide Doors Billionaire Don Hankey Is Selling His Oceanfront Florida Mansion for $44 Million Though the diamond miner had the technology to make synthetic stones for decades, De Beers only used those gems for industrial purposes, Reuters reported. The brand changed its tune in September 2018, when it started Lightbox amid an increased demand for man-made diamonds. With the endeavor, De Beers was aiming to make consumers see a strong distinction between traditional and lab-grown diamonds, as well as sell the lab-grown gems at a discount to its fellow producers, according to Bloomberg. Upon its launch, De Beers had its gems priced at $800 a carat, well below the market value. Now, though, prices of synthetic diamonds have plummeted 90 percent at wholesale, according to a statement from the brand, marking a stark divergence from the price of traditional gems. 'The persistently declining value of lab-grown diamonds in jewelry underscores the growing differentiation between these factory-made products and natural diamonds,' Al Cook, the brand's CEO, said the press release. 'The planned closure of Lightbox reflects our commitment to natural diamonds.' The chief executive also noted that the competition for man-made diamonds has increased as of late, thanks to low-cost production in China. In the U.S., meanwhile, supermarkets that sell jewelry with lab-grown gems have driven down prices, according to Cook. Lab-grown diamonds have been around for quite some time. The synthetic gems first came onto the scene back in 1954, when GE used a technique called High Pressure, High Temperature (replicating how diamonds are formed inside the earth) to successfully create them in a laboratory. The latest lab-grown obsession, though, has shaken up the diamond industry, with some people seeing the man-made creation as a threat to diamonds in general. Other consumers, meanwhile, have embraced the trend: Back in 2022, more than a third of engagement rings had a synthetic diamond, according to a survey from the Knot. But as prices continue to drop, we may have more shake-ups in the jewelry industry yet. Best of Robb Report The 25 Greatest Independent Watchmakers in the World The 10 Most Expensive Watches Sold at Auction in the 21st Century (So Far) 11 Stunning Jewelry Moments From the 2020 Oscars Click here to read the full article. Sign in to access your portfolio
