Latest news with #naturalDiamonds
CBC
13-05-2025
- Business
- CBC
'Diamonds are forever,' but not necessarily so for northern mining industry
DeBeers recently renewed its focus on natural diamonds after experimenting with lab grown ones, but that probably won't be enough to revive diamond mining in northern Ontario, according to some working in the sector. In a press release last week, the mining giant pointed to a sharp decline in prices for lab-grown diamonds, and said that trend underpinned the company's "core belief in rare, high value and natural diamond jewellery." DeBeers started its lab-grown diamond business around the same time it closed its only diamond project in Ontario — the Victor Mine near Attawapiskat First Nation in the province's far north. Victor was a productive and profitable mine for DeBeers, which was able to recover 8.3 million carats of diamonds between 2006 and 2019. But diamond prices have decreased overall since that time because of a changing consumer preferences and the explosion of the lab-grown diamond market. Sudbury jeweller Gerry Aubin says nowadays only one in about 100 hundred customers comes in asking for natural diamonds. "This past year I've sold one natural stone," he said. "Everybody's buying lab-grown, like it's not even a discussion that people are having." Aubin says lab-grown prices are so much cheaper, and people can't differentiate them from natural ones. Marketing to revive interest in natural diamonds Justin Daley, CEO of junior exploration company VR Resources, has noticed a similar trend. "I'm 35 years old, a lot of my friends are getting married, not many of them are buying diamonds," he said. "It's difficult to justify buying a very expensive stone when you can just buy an emerald." VR Resources made an important diamond discovery "by accident" in the James Bay region in 2023 while exploring for other minerals. Daley says the deposit is promising, but he isn't banking on it. "There's been very little interest in general in the project," he said. "Existing diamond mines aren't making money, and when existing mines don't make money you tend not to go looking for new ones." In last week's press release, DeBeers said its plan is to invest in "reinvigorating desire for natural diamonds through category marketing," but Daley isn't convinced that will cut it. "It took a lot of really smart marketing by DeBeers to create this sort of aura of mystique and allure, 'Diamonds are forever,' but that's just sort of worn itself out I think," he said. But Mike McTavish, owner of Forage Fusion Drilling, is striking a more optimistic tone. "I don't think we'll ever use that part of the market," he said. "Yes, we can produce a lot of stuff in labs now. But I still believe real diamonds are the best." He does say, however, that diamond drilling contracts have been few and far between, and they don't pay as much as they used to. It's something he feels a bit nostalgic about the rise of lab-grown diamonds. "It's sad that we don't rely on the good old prospector hammering on a few rocks," he said. "That's why we do exploration drilling, we get to go and find the unknown."
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
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
News24
08-05-2025
- Business
- News24
De Beers is closing its lab-grown diamond business
For more financial news, go to the News24 Business front page. De Beers is closing down its lab-grown diamond business, cementing an earlier decision to stop selling the stones as jewellery as it commits to traditional gems. The diamond miner announced last year that it would cease selling its own man-made gems, but was unsure what it would do with the Lightbox business that made them. On Thursday, it said it's discussing the sale of some assets — including inventory — with potential buyers. While having the technology to make synthetic gems, the company had long refused to sell them as jewellery, fearing they would undercut the allure of natural stones. Yet as man-made gems gained traction and started competing directly with natural diamonds, De Beers started its own jewellery brand in 2018. Lightbox was introduced to sell synthetic diamonds at a steep discount to rival producers in an attempt to drag prices lower and create a clear divide in consumers' minds between traditional and lab-grown products. Synthetic diamond prices have now collapsed, though how much of that is down to De Beers rather than a flood of new supply from places like China is open to debate. The problem for De Beers is that wholesale prices of lab-grown diamonds have now become much cheaper than those of Lightbox, undermining the reason for continuing with the brand. 'The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds,' De Beers chief executive officer Al Cook said in a statement. 'The planned closure of Lightbox reflects our commitment to natural diamonds.' De Beers is in the process of trying to cut costs as it navigates a crisis within the diamond industry and prepares to be cast adrift by Anglo American Plc, which is trying to sell the famous gem company.
Zawya
08-05-2025
- Entertainment
- Zawya
A Constellation of Stars Shine at LANDMARK Honoring Eternal Maternal Love with the Brilliance of Natural Diamonds
HONG KONG SAR - Media OutReach Newswire - 8 May 2025 - This Mother's Day, love finds its most radiant expression at LANDMARK in Central Hong Kong. Over 200 distinguished guests, including industry experts, LANDMARK's esteemed clients, and a stellar lineup of celebrities—such as Michelle Wai, Best Actress of the 43rd Hong Kong Film Awards, Jay Fung, Marf Yau, DJ Ah Jeng, Jennifer Yu, Grace Chan, Albert Chau, and Will Or—alongside prominent Hong Kong and mainland influencers and media, gathered for the "The Gift of Forever" celebration, embarking on an extraordinary diamond journey. As LANDMARK's inaugural large-scale promotion centred on natural diamonds, this celebration embodies De Beers Group's vision of celebrating life's precious moments with natural diamonds while deepening public appreciation for their unique value and enduring legacy. Over two weeks, the pure brilliance of natural diamonds intertwines with the warmth of familial bonds, creating an immersive experience that blends heartfelt emotions, timeless heritage, and unparalleled luxury. Selected public spaces across LANDMARK, including Chater House, Alexandra House, and the 2nd floor of LANDMARK, have been transformed into an artistic haven, showcasing interactive installations crafted by Hong Kong-based artist Kitty Wong. These installations tenderly capture the essence of a mother's love, tracing the journey of love that deepens with time. This powerful connection mirrors the journey of natural diamonds, rooted in legacy and passed through generations, symbolising deep gratitude, lasting connection, and cherished memories. Guests are invited to explore a curated 'diamond route' map, guiding them through engaging activations and exclusive promotions, inviting exploration of the distinctive jewellery and watch boutiques at LANDMARK. Members of LANDMARK's BESPOKE loyalty programme are entitled to receive additional 1x BESPOKE rewards points for single-receipt natural diamond purchases above HKD50,000 from selected LANDMARK tenants * during the campaign period. (Please refer to the BESPOKE official page for more information.) To elevate the festive spirit, LANDMARK presents two limited-time activities to create unforgettable memories with visiting guests: From now until 9 May, guests who capture a photo at the Ferris Wheel installation on LANDMARK's 2nd floor, follow @landmarkhk and @adiamondisforever on Instagram, sharing their photo with hashtags #TheGiftOfForever, #Landmarkhk, and #ADiamondisForever are entitled to redeem a limited-edition "The Gift of Forever" doughnut from Pinky Bakery. Available to the first 50 guests daily, on a first-come, first-served basis. On Mother's Day - 11 May, from 12 PM to 2 PM, guests who photograph the mother-daughter-themed art installation at Chater House, follow @landmarkhk and @adiamondisforever on Instagram, and share their photo with hashtags #TheGiftOfForever, #Landmarkhk, and #ADiamondisForever will receive an exclusive Mother's Day floral bouquet, also available on a first-come, first-served basis while supplies last. (Details subjected to LANDMARK's official information.) The exclusive "Natural Diamond Workshops" presented for our distinguished guests, has successfully concluded. Attendees described it as an unforgettable experience in diamond by experts from the De Beers Institute of Diamonds, participants delved into the 4Cs—colour, cut, carat size, and clarity—while experiencing the rare opportunity to approach a 297-carat rough diamond and kimberlite rock, the natural cradle of diamonds. State-of-the-art detection instruments amazed guests by distinguishing natural from lab-grown diamonds in seconds with absolute precision, sparking lively discussions. The workshops also showcased the Entice collection pieces by diamond supplier KGK Group, featuring nearly 100-carat of breathtaking natural diamond jewelleries, embodying the stones' unparalleled brilliance. Enriching the workshops, London-based multi-disciplinary artist Annette Fernando contributed three charcoal drawings, intricately depicting the formation and radiance of natural diamonds. Her works seamlessly blend diamond motifs with spatial artistry, which symbolises purity and eternity, resonating with the campaign's theme whilst evoking timeless radiance. Fernando shared, "My drawings trace the diamond's journey, using charcoal—a medium tied to diamonds through their shared carbon origins, yet transformed by nature's diverse processes. This echoes the resilience and unique beauty of maternal love." Her creations offered guests a profound visual and emotional experience. *Participating brands include A. Lange & Söhne, Bovet, Boghossian, Buccellati, Bvlgari, Cartier, CHANEL (Fine Jewellery Boutique), Chopard, De Beers London, DIOR, Hermès, Jaeger-LeCoultre, Lane Joaillier, Louis Vuitton, Patek Philippe, Tiffany & Co., Vacheron Constantin, Van Cleef & Arpels, Wai Kee Jewellers, and Yewn. Hashtag: #TheGiftOfForever #LANDMARKHK #MothersDay #ADiamondisForever #NaturalDiamonds #Diamonds 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 About LANDMARK LANDMARK represents the epitome of top-tier luxury shopping and lifestyle experiences. Drawing from a rich heritage which began in 1904 – LANDMARK today is the luxury shopping destination of Hongkong Land's Central portfolio including 4 iconic connected buildings, LANDMARK ATRIUM, LANDMARK ALEXANDRA, LANDMARK CHATER and LANDMARK PRINCE'S. LANDMARK offers approximately 208 of the finest stores and restaurants, all seamlessly linked by pedestrian bridges. From high fashion and accessories to watches and jewellery, from luxury living to beauty and grooming, from international cuisine to authentic gourmet dining, LANDMARK brings the ultimate shopping experience to the discerning customer. A Diamond is Forever
