De Beers will stop selling lab-grown engagement rings after a three-month trial confirmed their unsustainability for profit, IDEX Online reports.
Lightbox, the miner’s lab-grown division, briefly entered the bridal market in June with rings priced from $500 to $5,000. According to the company, Retailers already need to double the number of LGD carats sold every two years just to maintain a flat absolute gross profit.”
The company added that Lightbox will now focus on fashion jewelry and loose stones at accessible prices, excluding lab-grown engagement rings. De Beers launched Lightbox in May 2018 for “less serious occasions.”
