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London, UK--De Beers Group has announced plans to close its lab-grown diamond (LGD) jewelry brand, Lightbox. The move is part of the company's effort to streamline operations and reinforce its focus on natural diamonds.

[Image via De Beers Group]

According to the company's statement, the closure is aligned with its Origins Strategy introduced in May 2024, which prioritizes high-return segments and reduced operational scope. De Beers is in talks with potential buyers to sell select Lightbox assets, including inventory.

Lightbox was launched in 2018 with fixed pricing at $800 per carat. Since then, LGD prices have dropped by 90% at the wholesale level. The report noted this price drop reflects a divergence from natural diamond values, reinforcing De Beers' position that LGDs and natural diamonds are separate product categories.

De Beers stated the closure reflects growing global competition, particularly from low-cost LGD producers in China and U.S. retailers pushing down prices. CEO Al Cook said, "We expect both the cost and price of lab-grown diamonds to fall further in the jewellery sector."

The company will continue providing warranties and after-sales services during the transition. According to the release, it also plans to work with employees, retail partners, and suppliers to manage the closure process.

Element Six, De Beers' synthetic diamond division, will continue operations focused solely on industrial and technology applications. The report highlighted that the business will consolidate CVD (chemical vapor deposition) production at its facility in Oregon, U.S., and expand into sectors such as semiconductors and quantum technologies.

De Beers noted in the release that Element Six has a longstanding history in synthetic diamond development and will support growing demand in industrial markets.

Learn more in this news release by De Beers Group.