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Element Six, De Beers Group’s subsidiary will focus on industrial solutions using synthetic diamonds
| Photo Credit:
REUTERS
De Beers Group plans to exit lab-grown diamond (LGD) jewellery business and is in talks to sell certain assets, including inventory under Lightbox brand, with potential buyers.
Established in 2018, Lightbox was launched with transparent linear pricing of $800 per carat. Since then, LGD prices in the jewellery sector have fallen 90 per cent 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 LGD jewellery business.
The proposed closure of the Lightbox 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.
The group will work closely with employees, retail partners, suppliers, and other stakeholders to ensure a smooth process over the coming months. Customers will continue to receive support for existing purchases, including warranties and after-sales services, during the closure process, said the company.
Element Six
Element Six, De Beers Group’s subsidiary that previously produced lab-grown stones for Lightbox, maintains its exclusive focus on industrial solutions using synthetic diamonds.
By centralising CVD (chemical vapor deposition) synthetic diamond production at its modern facility in Oregon, US, Element Six will work with its global network of partners to accelerate cutting-edge technologies for high growth industries such as semiconductors and quantum technologies.
Al Cook, Chief Executive Officer, De Beers Group said the persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds.
Global competition continues to intensify with more low-cost lab-grown diamond production from China. In the US, supermarkets are driving down lab-grown diamond jewellery prices. The company expects both the cost and price of lab-grown diamonds to fall further in the jewellery sector, he said.
Published on May 9, 2025
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