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The diamond company will close its brand called Lightbox, De Beers announced in a news release on Thursday, May 8. The closing marks a major shift for the global jewelry giant as it doubles down on natural diamond production.
De Beers said it's seeking to sell off Lightbox's assets and inventory.
"The planned closure of Lightbox reflects our commitment to natural diamonds," said De Beers CEO Al Cook. "We are also excited at the growing commercial potential for synthetic diamonds in the technology and industrial space."
Element Six, the former supplier of Lightbox, will now focus entirely on other purposes for synthetic diamonds. The company is expanding its Oregon facility to support demand for uses like semiconductors and quantum technology.
Lightbox launched in 2018 with $800-per-carat pricing. It aimed to offer clear, affordable options, but wholesale prices for lab-grown diamonds have since dropped about 90%.
De Beers said low-cost production in China and cheaper prices from US retailers have driven down the lab-grown diamond market.
"The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds," Cook said. "Lightbox has helped to highlight the fundamental differences in value between these two categories."
Lightbox customers will continue to have their warranties and after-sales services honored, according to De Beers.
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