De Beers Group intends to close the ‘Lightbox’ business

De Beers Group has announced its intention to close its lab-grown diamond (“LGD”) jewellery brand, Lightbox, reinforcing De Beers Group’s commitment to natural diamonds in the jewellery sector. As part of the closure process, De Beers Group is discussing the sale of certain assets, including inventory, with potential buyers.

Lightbox, which was established in 2018, has highlighted that LGDS are a distinct product from natural diamonds, with different attributes and different value. The business was launched with transparent linear pricing of $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. Reflecting this sharp price decline, De Beers Group intends to discontinue the Lightbox business.

The proposed closure of the Lightbox business reflects a key executional milestone in De Beers Group’s Origins Strategy, as set out in May 2024, to focus on high-return activities and streamline the business. The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating desire for natural diamonds through category marketing.