Las Vegas: Diamond giant De Beers is changing course, announcing it will stop producing lab-grown stones for its Lightbox brand. The company will instead concentrate on its core business of mined diamonds and industrial diamond production.

This strategic shift comes as De Beers seeks a buyer for its parent company, Anglo American. De Beers’ CEO, Al Cook, unveiled the new direction at the JCK jewellery trade show in Las Vegas.

De Beers’ foray into lab-grown diamonds began in 2018 with the launch of Lightbox, offering stones at a set price of $800 per carat. Over the following years, Lightbox expanded its offerings with various ranges, grading reports, and collaborations with retailers. However, facing a shrinking market and internal resistance, De Beers is now scaling back.

While Lightbox will remain a brand for the time being, De Beers will sell from existing inventory, estimated to last a year. The company’s lab-grown diamond subsidiary, Element Six, will refocus on industrial applications. De Beers will also consolidate its lab-grown diamond production facilities.

De Beers’ new “Origins” strategy aims to reignite consumer interest in mined diamonds. This strategy involves promoting diamonds as a category and partnering with major retailers like Signet and Chow Tai Fook. Cook emphasizes the importance of highlighting the unique story and characteristics of natural diamonds.

In essence, De Beers is doubling down on its traditional business model, emphasizing the value and heritage of mined diamonds while exiting the increasingly competitive lab-grown diamond market.