Diamond Jewellery Business amid declining synthetic gem values and a company restructuring.
De Beers is closing down its lab-grown diamond business, cementing an earlier decision to stop selling the stones as jewellery as it commits to traditional gems.
The diamond miner announced last year that it would cease selling its own man-made gems, but was unsure what it would do with the Lightbox business that made them.
On Thursday, it said it’s discussing the sale of some assets — including inventory — with potential buyers.
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While having the technology to make synthetic gems, the company had long refused to sell them as jewelry, fearing they would undercut the allure of natural stones.
Yet as man-made gems gained traction and started competing directly with natural diamonds, De Beers started its own jewellery brand in 2018.
Lightbox was introduced to sell synthetic diamonds at a steep discount to rival producers in an attempt to drag prices lower and create a clear divide in consumers’ minds between traditional and lab-grown products.
By Diwan MD
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