De Beers will stop manufacturing lab-grown diamonds for its Lightbox brand, IDEX Online reports.
CEO Al Cook announced this change at JCK in Las Vegas, while parent company Anglo American seeks a buyer for De Beers
De Beers disrupted the diamond industry in 2018 with the launch of its Lightbox lab-grown brand, priced at $800 per carat. Over the next six years, Lightbox expanded to include premium and budget ranges, grading reports, larger and more expensive stones, and sales through both physical stores and online platforms. The brand even briefly ventured into bridal jewelry. Last month, De Beers reduced basic prices to $500 per carat.
Though De Beers will maintain the Lightbox brand, it will sell lab-grown diamonds from its current inventory, which is expected to last a year. The company will shift Element Six, its lab-grown subsidiary, back to producing industrial diamonds and consolidate its three production centers into one.
