De Beers to focus on natural diamonds
De Beers Group is to close its lab-grown diamond jewellery brand.
Lightbox, which was established in 2018, has highlighted that lab-grown diamonds (LGDs) are a distinct product from natural diamonds, with different attributes and different value.
The business was launched with transparent linear pricing of US$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.
This price change has resulted in the decision to discontinue the Lightbox business.
Element Six, De Beers Group’s subsidiary that previously produced lab-grown stones for the company, will continue work on industrial solutions using synthetic diamonds.
