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The De Beers Group has revealed it will stop creating lab-created diamonds for its Lightbox Jewelry brand in a strategic revamp. | Source: Lightbox
The De Beers Group has revealed it will stop creating lab-created diamonds for its Lightbox Jewelry brand in a strategic revamp. | Source: Lightbox

De Beers no longer producing lab-created diamonds for jewellery

The De Beers Group has revealed it will stop creating lab-created diamonds for its Lightbox Jewelry brand in a strategic revamp.

The announcement ends the company’s six-year experiment of producing its own lab-created diamonds for the jewellery brand, which launched in 2018.

De Beers CEO Al Cook confirmed the decision at a JCK Las Vegas breakfast event, stating that lab-created diamonds produced by Element Six would be used for technological purposes.

Al Cook, De Beers CEO
Al Cook, De Beers CEO
"We believe the value of lab-grown diamonds lies in technology rather than in jewellery."
Al Cook, De Beers CEO

“We believe the value of lab-grown diamonds lies in technology rather than in jewellery,” he said.

In recent years prices for lab-created diamonds have sharply declined, impacting retail margins. Lightbox recently reduced retail prices by as much as 40 per cent.

In an interview with National Jeweler, Cook said Lightbox will continue operating as a consumer brand, using existing stock. Once that stock is depleted, he said the brand will reassess its position. 

“At the moment, we’ve got a lot of stones available to Lightbox. Production will continue for a few months to ensure that they’ve got a stock of beautiful lab-grown diamond stones they can sell,” he explained.

“We’ll see where the brand goes, and we’ll see what happens."

In a report published in February, parent company Anglo American said that decreased prices are expected to reinforce the difference between lab-created and natural diamonds among consumers.

More reading
Lightbox confirms changes to controversial pricing strategy
Lab-created diamond popularity surges as debate rages on
Lightbox to experiment with reduced prices for lab-created diamonds
Lightbox details plans to expand audience for lab-created diamonds
Collapse: Major lab-created diamond producer files for bankruptcy

 











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