De Beers Says Goodbye to Lightbox, Shifts Focus Back to Natural Diamonds

Although De Beers had possessed the technology to produce synthetic diamonds for decades, the company had previously used them solely for industrial purposes. It wasn't until 2018—amid rising demand for lab-grown diamonds—that De Beers launched the Lightbox brand, aiming to draw a clear distinction between natural and lab-created diamonds. The strategy included pricing the lab-grown gems below market value, positioning them as fashion accessories rather than engagement rings or luxury heirlooms.

At launch, Lightbox priced its diamonds at $800 per carat—significantly lower than the market rate at the time. However, over time, wholesale prices for synthetic diamonds plummeted by as much as 90%, further emphasizing the growing divide between natural and lab-grown stones.

Al Cook, CEO of De Beers, stated, “The continued decline in the value of lab-grown diamonds in the jewelry market highlights the increasing distinction between natural diamonds and factory-made alternatives.” He emphasized that the closure of the Lightbox brand is part of the company’s renewed focus on its core: natural diamonds.

Another key factor is the growing competition in the lab-grown diamond market, particularly from low-cost producers in China. In the U.S., major retailers—including supermarkets—have also begun offering lab-grown diamond jewelry at budget-friendly prices, contributing to the ongoing price drop.

Although lab-grown diamonds have been around since 1954—originally created using High Pressure, High Temperature (HPHT) technology—they've only recently surged in popularity. In fact, by 2022, one-third of all engagement rings featured lab-grown diamonds. However, with prices continuing to fall sharply, the jewelry industry may now be facing yet another major transformation.