De Beers Sheds Lightbox to Refocus on Natural Diamonds
De Beers Group is closing its lab-grown diamond brand, Lightbox, to concentrate on natural diamonds. The company intends to sell certain assets and streamline business operations. Element Six, once the producer for Lightbox, will pivot to industrial applications of synthetic diamonds as part of De Beers' strategic shift.
- Country:
- India
On Thursday, the De Beers Group proclaimed the closure of its lab-grown diamond jewelry brand, Lightbox, directing its efforts back to the allure of natural diamonds. The shift marks a strategic move away from synthetic stones in reaction to a declining market.
As part of the closure proceedings, the diamond giant is actively exploring options to divest certain assets, including existing inventory, with potential buyers. Element Six, a subsidiary of De Beers that previously specialized in producing lab-grown diamonds for Lightbox, will now pivot its focus towards industrial applications, utilizing synthetic diamonds in various technologies.
In a strategic move to focus on high-yield ventures, De Beers' decision to shutter Lightbox aligns with its Origins Strategy, aimed at rekindling interest and desire in natural diamonds through innovative category marketing. The importance of distinguishing between synthetic and natural diamonds has been further underscored by Al Cook, the company's Chief Executive Officer, citing the need for growth and market differentiation.
(With inputs from agencies.)
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