De Beers has decided to close Lightbox, its lab-grown diamond (LGD) jewellery brand, as part of its strategic shift toward natural diamonds in the jewellery sector.
The move underscores the company’s commitment to rare, high-value natural diamonds as a distinct category from mass-produced LGD jewellery.
Launched in 2018, Lightbox was positioned as an accessible, transparently priced LGD brand, initially set at $800 per carat.
However, the lab-grown diamond market has seen a 90% wholesale price decline, shifting toward a low-cost, mass-production model, far removed from the value proposition of natural diamonds.
“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,” said De Beers chief executive Al Cook.
“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.”
He said the company expects the cost and price of lab-grown diamonds to fall further in the jewellery sector.
De Beers’ decision to exit the LGD jewellery space aligns with its Origins Strategy, unveiled in May 2024. This strategy prioritises high-return investments and streamlines operations. The closure allows De Beers to redirect resources toward reigniting consumer demand for natural diamonds through targeted marketing.
While stepping back from LGD jewellery, De Beers’ subsidiary Element Six—a leader in synthetic diamond production for over 70 years—will continue expanding its industrial and high-tech applications. The company’s state-of-the-art chemical vapour deposition facility in Oregon, US, will drive innovation in semiconductors, quantum technologies, and other cutting-edge industries.
As part of the wind-down, De Beers is discussing selling certain Lightbox assets, including inventory, to potential buyers.
The company will ensure continued support for existing customers, including warranties and after-sales services, during the transition.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
