The world’s leading diamond company has announced that it is discontinuing Lightbox, its laboratory-grown diamond business for jewelry, to focus on the higher-value segment of rough diamonds. De Beers confirmed the news as its parent company, mining firm Anglo American, seeks to divest itself of the business.
De Beers is permanently abandoning the discount synthetic diamond market to refocus on rare and expensive natural diamonds.
On May 8, the world’s largest diamond producer confirmed its intention to close its Lightbox jewelry brand, which specializes in lab-grown diamonds, to focus entirely on “natural diamonds” in the sector.
Growing potential in industry and technology
In 2018, De Beers decided to expand the production of synthetic diamonds to the jewelry sector, a niche that the group had been exploiting for more than seven decades for applications in technology and industry.
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Read also > De Beers stops producing lab-grown diamonds for jewelry
Featured photo: © De Beers
