Lab-grown: De Beers launched its own Lightbox jewellery brand for synthetic gems in 2018
De Beers will stop selling lab-grown diamonds after a controversial six-year experiment.
The diamond miner launched its own Lightbox jewellery brand for synthetic gems in 2018 after years of vowing that it wanted to focus on natural stones. But it plans to use up the 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 risen in popularity as they are more affordable and ethical.
De Beers is the largest diamond miner but a slump in gem prices has proved problematic for the company with job fears for its 20,000-strong workforce.
A dismal performance last year resulted in piles of excess stock and losses of £203million.
Parent company Anglo American is considering cutting ties with De Beers that could see the firm sold or spun-off.
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