The decision comes amid mounting challenges in the diamond industry, including tepid demand, tariff uncertainty, and a prolonged decline in diamond prices.

"As part of the closure process, De Beers is discussing the sale of certain assets, including inventory, with potential buyers," the company said in an official statement.

Launched in 2018, Lightbox represented a major departure for De Beers, which had previously reserved synthetic diamonds for industrial use only. The brand offered lab-grown stones at significantly lower prices than natural diamonds, sparking industry debate and reshaping consumer perceptions.

However, in June 2024, De Beers announced it would cease production of lab-grown diamonds for Lightbox, signalling the beginning of a strategic retreat. The company cited its intent to prioritise higher-value natural diamonds, which continue to drive its premium positioning and profit margins.

The move is also part of a broader transformation at De Beers’ parent company, Anglo American, which is pursuing a major restructuring. As part of this process, Anglo American is seeking to divest or list the 137-year-old diamond company, aiming to streamline operations and unlock value.

The closure of Lightbox underscores the shifting dynamics in the diamond market and reaffirms De Beers’ longstanding commitment to the natural diamond category.