De Beers, the 137-year-old diamond powerhouse is closing its lab-grown diamond jewellery brand, Lightbox, signalling a full exit from the synthetic gemstone market and reaffirming its dedication to natural, mined diamonds.
Following its 2023 announcement to cease production of lab-grown diamonds for jewellery, De Beers had been evaluating strategic options for its Lightbox brand, including a possible sale.
However, on Thursday, the company confirmed that it is now proceeding with winding down Lightbox’s operations. It also announced that it is in talks with potential buyers regarding the sale of certain assets, including inventory.
Launched in 2018, Lightbox was De Beers’ answer to the growing popularity of synthetic diamonds. The brand positioned itself as an affordable option by offering lab-grown diamonds at clear, lower prices compared to natural stones, targeting consumers seeking high-quality, fashion-forward jewellery at accessible price points.
A sharp surge in global supply, especially from China, has caused synthetic diamond prices to collapse, severely undermining Lightbox’s business model. In many instances, wholesale prices for lab-grown diamonds have dropped below Lightbox’s own retail prices, placing the brand in an unsustainable position.
“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 previously recorded a $1.6 billion write-down, followed by an additional $2.9 billion devaluation in February. While Anglo American, De Beers’ parent company, had initially considered selling De Beers earlier, CEO Duncan Wanblad has since indicated that the company may remain part of the group until at least 2026, depending on how market conditions evolve.