DiamondBuzz
De Beers Shuts Down Lightbox, to Refocus on Naturals
Citing steep price declines and shifting market dynamics, De Beers discontinues its lab-grown jewelry brand to focus on premium natural diamond offerings under its renewed “Origins Strategy.”
De Beers has announced the planned closure of its lab-grown diamond jewelry brand, Lightbox, marking a strategic pivot back to its core business of natural diamonds. The company is currently in talks with potential buyers for Lightbox’s assets, including its remaining inventory, as it seeks to streamline operations and focus on higher-value market segments.
Launched in 2018, Lightbox was positioned as an accessible lab-grown diamond (LGD) brand, offering transparent pricing at $800 per carat to underscore the difference in value between lab-grown and natural diamonds. However, since then, the LGD jewelry market has experienced a dramatic shift, with wholesale prices falling by approximately 90% due to oversupply and intensifying global competition—especially from low-cost producers in China and mass-market retailers in the U.S.
De Beers cited this sustained price decline as the primary driver behind the decision to discontinue the brand. According to the company, the move aligns with its belief that lab-grown diamonds, increasingly commoditized, occupy a fundamentally different category from natural diamonds, which are positioned as rare, emotionally significant, and high-value.
The closure is part of the broader “Origins Strategy” unveiled in May 2024, which aims to refocus the business on high-return areas and reinvigorate consumer demand for natural diamonds. This includes increased investment in industry-wide marketing and initiatives that emphasize the unique value proposition of natural stones.
De Beers Group CEO Al Cook commented, “The persistently declining value of lab-grown diamonds in jewelry underscores the growing differentiation between these factory-made products and natural diamonds. As lab-grown production expands and prices drop, the gap will only widen.”
De Beers affirmed that it will support all current Lightbox customers through the transition, maintaining warranties and after-sales services. The company is also working closely with employees, retail partners, and suppliers to ensure a smooth wind-down of operations.
Meanwhile, De Beers’ synthetic diamond manufacturing subsidiary, Element Six, will shift its focus entirely to industrial and technological applications, where synthetic diamonds continue to show strong growth potential. “We are excited about the expanding role synthetic diamonds can play in fields like quantum computing, high-performance electronics, and medical technology,” Cook added
DiamondBuzz
De Beers, Endiama report first new kimberlite field in over 30 years in Angola
De Beers Group, in partnership with Angola’s Endiama, has discovered a new kimberlite field—its first in over 30 years—during initial drilling in July 2025. The find marks a major milestone in their long-term collaboration to responsibly develop Angola’s diamond resources.
De Beers Group, in partnership with Angola’s national diamond company Endiama, has reported the discovery of a new kimberlite field in Angola—the company’s first such find in over 30 years.The breakthrough occurred in July 2025, when the joint venture intersected kimberlite in its very first drill hole, targeting a cluster of high-priority sites identified through airborne surveys earlier in March 2025.
In the months ahead, De Beers and Endiama will carry out additional drilling, ground geophysical studies, and laboratory testing to confirm the nature of the kimberlite and evaluate its diamond-bearing potential.The find marks a significant milestone in the partnership between De Beers and Angola. It comes on the back of two Mineral Investment Contracts signed in April 2022 and a Memorandum of Understanding agreed at the 2024 Mining Indaba. These agreements have laid the foundation for a long-term collaboration focused on responsibly developing Angola’s diamond resources.
Al Cook, CEO of De Beers Group, said: “Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence. It is a powerful reminder of what can be achieved through partnership, and I commend President Lourenco and his government for all the work they have done to enhance transparency, adopt international best practices, and create a business friendly environment, all of which has enabled us to return to Angola and seek new sources of supply. We are excited about the role De Beers can play in helping the country deliver on its huge potential, both below and above the ground.”
DiamondBuzz
BlueStone Jewellery Rs 1,541 crore IPO subscribed 66%
BlueStone Jewellery and Lifestyle’s ₹1,541 crore IPO has reached 66% subscription on the final bidding day, with QIBs leading at 85% of their allotted quota.
BlueStone Jewellery and Lifestyle’s Rs 1,541 crore IPO has been subscribed 66% overall as per the latest update on the third and final day of bidding. Among investor segments, Qualified Institutional Buyers (QIBs) have shown relatively stronger interest, having subscribed to 85% of their allotted portion.
BlueStone plans to raise up to Rs 1,541 crore via its IPO, comprising a fresh equity issue of Rs 820 crore and an OFS of 1.39 crore shares by existing investors, including Accel India III, Saama Capital II, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal.
Ahead of the IPO launch, BlueStone secured Rs 693 crore from anchor investors. In the grey market, the response to the issue has been lukewarm, with the IPO trading at a modest premium of just 0.4% over its issue price of Rs 517 per share.
The latest Grey Market Premium (GMP) for BlueStone Jewellery’s IPO is hovering between Rs 2-4 above the issue price of Rs 517 per share. This points to a potential listing price of around Rs 520, implying a modest estimated gain of about 0.4% per share.
DiamondBuzz
Alrosa Revenue Drops 25% Amid Sanctions and Inflation, Despite Profit Bump from Asset Sale
Order for lab-grown polished diamonds to be executed in 3 months; company strengthens foothold in Far East market
Russian diamond giant Alrosa reported a 25% drop in revenue for the first half of 2025, citing geopolitical tensions, global sanctions, and macroeconomic headwinds such as high interest rates and inflation as key factors behind weakening demand and rising costs.
Revenue for the January–June period fell to 134.3 billion roubles, while core earnings (EBITDA) dropped 42% to 37.1 billion roubles, the company said on Tuesday. The state-backed miner noted that elevated borrowing costs, inflationary pressures, and higher taxes continue to erode profitability.
Alrosa, which has been under U.S. sanctions since 2022, is grappling with increasing isolation in global markets. In January 2024, G7 countries imposed a direct ban on Russian diamond imports, followed by additional restrictions on Russia-origin diamonds routed through third countries—a move also backed by the European Union.
Despite these challenges, Alrosa posted a 10.8% year-on-year rise in net profit to 40.6 billion roubles ($506.7 million) for H1 2025, buoyed largely by a one-time gain from the sale of its 41% stake in Angola’s Catoca diamond mine. The deal, finalised in May 2025, transferred Alrosa’s stake to a subsidiary of Oman’s sovereign wealth fund, amid pressure on Angola to cut ties with Russian entities due to ongoing Western sanctions.
The sale brought in 15.9 billion roubles, helping partially offset the operational downturn. Prior to the deal, Catoca was jointly owned by Alrosa and Angola’s national diamond company, Endiama EP.
Meanwhile, Alrosa’s net debt soared nearly tenfold to 61 billion roubles, although its liquidity position remained stable, with cash, equivalents, and bank deposits rising 8.4% to 115.4 billion roubles.
“The relatively high level of the key rate and inflation continued to have an additional negative impact on the group in the first half of 2025,” the company stated, highlighting rising fuel and material costs.
Russia’s central bank recently began easing monetary policy, cutting the key interest rate from 20% to 18% in late July, offering some hope for relief in the second half of the year.
Alrosa remains the world’s largest producer of rough diamonds by volume, but faces ongoing hurdles in maintaining global market access amid increasing geopolitical friction.
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