De Beers is eyeing to shut down its lab-grown diamond (LGD) jewellery brand, Lightbox, and is discussing the sale of certain assets, including inventory, with potential buyers.

The group said LGD prices have plummeted 90 per cent at wholesale since the launch of Lightbox in 2018, prompting it to consider discontinuing the business. 

“The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds,” remarked De Beers Group CEO Al Cook. “The planned closure of Lightbox reflects our commitment to natural diamonds.”

The move will help optimise the De Beers business and reduce costs after its parent company, Anglo American plc, last year announced that it is selling the diamond miner.

Established in 2018, Lightbox was aimed at highlighting LGDs as products distinct in attributes and value from natural diamonds. It was launched with a transparent linear pricing of US$800 per carat. 

“The evolution of LGD values in the jewellery sector underpins De Beers Group’s core belief in rare, high-value, natural diamond jewellery as a separate category from low-cost, mass-produced LGD jewellery,” the group noted.  

Element Six, De Beers Group’s subsidiary that previously produced lab-grown diamonds for Lightbox, will continue to work on industrial solutions using synthetic diamonds.