Latest news with #labgrownDiamonds
Harpers Bazaar Arabia
6 days ago
- Business
- Harpers Bazaar Arabia
Damas Jewellery Expands Its GAIA Collection with Noor Stars
Damas Jewellery teams up with Noor Stars to expand GAIA, its lab-grown diamond collection, celebrating sustainable elegance throughout her wedding journey Damas Jewellery, one of the Middle East's most iconic jewellery maisons, has announced the expansion of its trailblazing GAIA collection with a sparkling new collaboration featuring content creator Noor Stars. As a friend of the brand, Noor will showcase GAIA's lab-grown diamonds throughout her wedding celebrations, highlighting the collection's enduring beauty and ethical brilliance. Launched in 2021, GAIA is the region's first lab-grown diamond collection and has since redefined modern luxury by offering sustainable alternatives without compromising on quality or craftsmanship. Created using advanced technology that replicates the Earth's natural diamond-forming process, GAIA diamonds are certified by leading gemmological institutes such as HRD Antwerp and adhere to the timeless 4Cs: Cut, Clarity, Colour, and Carat, while introducing a meaningful fifth 'C' for Choice – every piece is selected for its natural character and brilliance. The expanded GAIA line introduces elegant, contemporary designs crafted to reflect the values of today's confident, conscious women. Noor Stars, one of the Arab world's most influential digital creators, will wear GAIA pieces during key moments of her wedding journey, from intimate gatherings to grand celebrations, exemplifying the collection's versatility across bridal, occasion and everyday wear. 'I am thrilled and honoured to represent GAIA, a brand by Damas that celebrates timeless beauty and empowers the woman of tomorrow,' said Noor. Her partnership with Damas signals a powerful shift in how luxury is defined, where glamour meets responsibility. The GAIA collection is available at Damas Jewellery stores across the GCC and online. Discover more at
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
Forbes
09-05-2025
- Business
- Forbes
De Beers To Close Lightbox, Its Lab-Grown Diamond Jewelry Brand
De Beers Group said Thursday that it plans to close Lightbox, its lab-grown diamond jewelry brand, saying that the closure reinforces its 'commitment to natural diamonds in the jewelry sector.' As part of the closure process, De Beers said it is in talks to sell certain assets, including inventory, with potential buyers. The Lightbox lab-grown diamond manufacturing facility in Gresham, Ore., which opened in 2020, will be used solely to produce lab-gown diamonds for industrial applications, a business De Beers has been in for more than 70 years. '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,' De Beers said in a statement. While the formal announcement may have seemed sudden, De Beers said a year ago it was planning to close the lab-grown jewelry brand. It comes at a time when De Beers rough diamond business has been in decline for the past couple years. In the first quarter of 2025, revenue was reportedly down 44% year-on-year with rough diamond sales down 11%. It also comes at a time when De Beers' parent company, Anglo American, announced a year ago it was divesting from De Beers. Anglo American has been in the process of looking for potential buyers for De Beers. Botswana's government reportedly said recently that serious buyers are showing interest. Botswana and De Beers are partners in mining in the country. It is De Beers largest mining operation. Lightbox was established in 2018 to disrupt the lab-grown diamond industry, making the argument that lab-grown diamonds are a distinct product from mined diamonds, 'with different attributes and different value.' Lightbox was launched with transparent pricing of $800 per carat. Since then, De Beers said that lab-grown diamond prices for jewelry have fallen 90% at wholesale 'tracking closer to a cost-plus model as they have diverged from natural diamond prices,' De Beers said. Al Cook, CEO of De Beers Group said it is closing Lightbox because of this price decline. A year ago Lightbox announced that it was cutting its diamond prices to $500 per carat. 'The persistently declining value of lab-grown diamonds in jewelry underscores the growing differentiation between these factory-made products and natural diamonds,' Cook said in the statement. '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 U.S., supermarkets are driving down lab-grown diamond jewelry prices. Overall, we expect both the cost and price of lab-grown diamonds to fall further in the jewelry sector.' De Beers also said the closure is aligned with a strategy it presented a year ago to streamline its business to focus on high-return activities. 'As we move towards becoming a standalone company, we continue to optimize our business, reduce costs and build a focused De Beers that is positioned for profitable growth,' Cook said. The manufacturing facility in Oregon will be used solely to produce diamonds for industrial applications by Element Six, a De Beers Group's subsidiary. The company previously produced lab grown diamonds for Lightbox and has produced lab-grown diamonds for industrial purposes for more than 70 years. De Beers said the company is well-positioned to seize the growing potential for synthetic diamond applications across a range of new technologies and applications. In addition to Oregon, Element Six has manufacturing facilities in the U.K., Ireland, Germany and South Africa. 'The planned closure of Lightbox reflects our commitment to natural diamonds,' Cook said. 'We are also excited at the growing commercial potential for synthetic diamonds in the technology and industrial space.' De Beers did not give a date on when the Lightbox business will close.
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
