Lab-grown: De Beers launched its own Lightbox jewelry brand for synthetic gems in 2018
De Beers will stop selling lab-grown diamonds after a controversial six-year experiment.
The diamond miner launched her own Lightbox jewelry brand for synthetic gems in 2018 after years of promising that she wanted to focus on natural stones. But it plans to use up existing stock over the next year.
Boss Al Cook told the Mail on Sunday earlier this year that he wanted to “rekindle” the allure of natural diamonds. In recent decades, lab-grown alternatives have gained popularity because they are more affordable and ethical.
De Beers is the largest diamond miner, but falling gem prices have proven problematic for the company, with labor fears for its 20,000-strong workforce.
A dismal performance last year resulted in overstocking and losses of £203m.
Parent company Anglo American is considering cutting ties with De Beers, which could see the company sold or demerged.