The Future is Mined: Lightbox to Close
May 08, 25
(IDEX Online) - De Beers is to close Lightbox, its lab grown venture, seven years after its launch rocked the diamond world.
The move, announced today (8 May) signals the company's return to its roots - mined diamonds.
It also marks De Beers' recognition that lab growns have become a low-margin, commoditized product that have seen their wholesale value plummet 90 per cent during Lightbox's lifetime.
"Lightbox will transform the lab-grown diamond sector by offering consumers a lab-grown product they have told us they want but aren't getting: affordable fashion jewellery that may not be forever, but is perfect for right now," Bruce Cleaver, then CEO of De Beers, said at the Lightbox launch in May 2018.
In a statement today his successor, Al Cook said: "The planned closure of Lightbox reflects our commitment to natural diamonds,"
"The persistently declining value of lab-grown diamonds in jewellery underscores the growing differentiation between these factory-made products and natural diamonds."
He said Lightbox had helped to highlight the fundamental differences in value between these two categories.
In June 2024, De Beers said it would no longer produce lab growns, but would carry on selling existing stock. That followed sharp price reductions earlier the same year.
De Beers invested $94m in its Lightbox lab-grown diamond facility in Portland, Oregon, USA, which opened in 2020 and which was designed with a full production capacity of up to 500,000 rough carats a year.
The company said it would be working 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," it said.
Lightbox launched with transparent linear pricing of $800 per carat.
"Since then, LGD prices in the jewellery sector have fallen 90% at wholesale," De Beers said in a statement.
"Reflecting this sharp price decline, De Beers Group intends to discontinue the Lightbox business.
"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."
Element Six, the subsidiary that produced lab growns for Lightbox until 2024, will focus exclusively on diamonds for high-tech industrial applications.
Pic shows the debut collection of Lightbox lab grown jewelry in 2018.