De Beers to shut down Lightbox
De Beers Group has announced it will shut down its lab-grown diamond jewellery brand, Lightbox, as part of a broader strategy to concentrate on the natural diamond market.
The decision follows a sharp decline in the value of lab-grown diamonds, with wholesale prices dropping nearly 90% since Lightbox was launched in 2018. The price collapse has been driven by oversupply, rising competition particularly from low-cost producers in China and pricing pressures from U.S. retailers, including supermarkets.
Lightbox was initially introduced to highlight the differences between lab-grown and natural diamonds, particularly in terms of value and rarity. Despite its transparent pricing model of $800 per carat, the lab-grown segment has since moved toward a cost-plus pricing model, eroding profit margins. In June 2024, De Beers had already announced it would stop producing lab-grown diamonds for jewellery.
Strategy
The closure of Lightbox is part of De Beers’ Origins Strategy, launched in 2024, which focuses on streamlining the business, cutting costs, and investing more in the promotion of natural diamonds. As De Beers moves toward operating independently amid efforts by its parent company Anglo American to exit the diamond business this shift is seen as a step toward long-term profitability and clarity of focus.
De Beers is currently engaging with potential buyers for Lightbox’s remaining assets, including inventory, and will continue to support existing customers during the transition. Meanwhile, Element Six, De Beers’ industrial arm, will continue to focus on the synthetic diamond segment for non-jewellery uses such as semiconductors, quantum computing, and other high-tech applications. Production will be centered at its advanced facility in Oregon, USA, which is positioned to meet growing global demand in these industries.
According to De Beers CEO Al Cook, the shift reaffirms the company’s belief in the enduring value and distinction of natural diamonds, while acknowledging the increasing relevance of synthetic diamonds in the technology sector.
