De Beers to shut down lab-grown diamond brand Lightbox

De Beers, the world’s largest diamond producer by value, plans to shut down its lab-grown diamond jewellery brand Lightbox, marking a retreat from synthetic gems sold to consumers. The move comes as parent company Anglo American (LON: AAL), which put De Beers up for sale last year, seeks to streamline operations amid broader restructuring.The decision reflects De Beers’ renewed focus on natural diamonds, a return to the strategy behind its iconic “Diamonds are Forever” slogan.Element Six, De Beers’ synthetic diamond arm that once supplied Lightbox, will now focus solely on industrial applications. “Element Six is well-positioned to seize the rapidly growing potential for synthetic diamond applications across a range of future-facing technologies,” the company said.World’s largest diamond miner De Beers to sell synthetic stonesDe Beers first entered the lab-grown jewellery market in 2018, reversing a longstanding policy of restricting synthetic stones to industrial use. In June last year, it announced a halt to Lightbox production as part of a five-year plan to streamline its business and reposition itself as the leading player in the natural diamond and diamond jewellery sector.Market turbulenceThe closure also comes amid turbulence in the diamond market. Anglo American is weighing options to exit the 137-year-old business through a sale or public listing. Weak demand from China and a surge in lab-grown diamond supply have driven prices down, complicating the divestment.After a $1.6-billion writedown last year, the company further cut De Beers’ value by $2.9 billion in February. Anglo chief executive Duncan Wanblad said at the time that De Beers might remain part of the group into 2026, depending on market recovery.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com