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

Russian diamond mining giant Alrosa has unearthed the largest gem-quality diamond ever discovered in the country. The rare amber-coloured crystal weighs an impressive 468.30 carats and measures 56 x 54 x 22 mm. It was recovered in the Republic of Sakha (Yakutia).

“This year will undoubtedly mark a historic milestone for Russia’s diamond industry,” said Alrosa CEO Pavel Marynichev. “In early April, we unveiled the largest diamond ever cut in Russia — over 100 carats, which took more than two years to polish. And now, nature has gifted us this extraordinary discovery. It is the biggest gem-quality diamond ever mined in Russia.”

In tribute to the 80th anniversary of the end of World War II, the diamond has been named “80 Years of Victory in the Great Patriotic War.”

Diamond prices rose sharply at the beginning of April in response to announcements of new U.S. import tariffs, and then stabilized later in the month when the U.S. delayed the tariffs by 90 days.

The RapNet Diamond Index (RAPI™) for 1-carat goods edged up 0.7% during the month. The index for 0.30-carat diamonds continued to strengthen, rising 2.8% in April and 13.2% since the beginning of the year. The 0.50-carat RAPI increased 0.6%, while 3-carat stones saw a minor decline of 0.3%. VVS collection goods of 0.30 carats performed well due to increased Indian demand and a slight improvement in China.

The industry operated amid unprecedented uncertainty due to the continuing tariff negotiations between the U.S. and India, respectively the world’s largest diamond-consuming and -manufacturing countries. Trading slowed in centers outside the U.S. However, business within the U.S. was steady and prices rose, reflecting part of the expected tariff costs. The market is closely monitoring end-consumer reactions.

U.S. inventories are elevated, as American traders purchased goods before the tariffs’ anticipated start date, and global trading centers — especially Indian exporters — shipped popular goods to the U.S. Diamond imports to the U.S. are now experiencing a slowdown. Elongated fancy shapes saw strong demand in April, both internationally and in the U.S.

Diamond and jewelry retailers are finishing preparations for Mother’s Day on May 11, one of the key U.S. sales holidays. A survey by the National Retail Federation (NRF) projected that consumer spending on jewelry would be slightly lower than last year.

The rough market was quieter than in March, which was a particularly active period. Anglo American predicts that its customers will remain cautious about buying rough amid the ongoing macroeconomic uncertainty and the impact of U.S. tariffs. De Beers’ sales slid 44% year on year in the first quarter to $520 million as slow demand and a buildup of polished inventory led the midstream to restock more slowly.