Las Vegas—De Beers Group announced it will halt diamond production for jewelry at its Lightbox factory in Gresham, Oregon. Instead, the company will produce industrial diamonds for technology applications.
The announcement came Friday, coinciding with the Las Vegas jewelry trade shows.
This shift is part of De Beers’ new “Origins” strategy. The goal is to increase the appeal of natural diamonds while reducing costs.
De Beers CEO Al Cook discussed the decision and the future of Lightbox, the lab-grown diamond jewelry brand launched six years ago, in an interview with National Jeweler on Friday.
“Element Six used to produce diamonds for their hardness and industrial use,” Cook said. “Now, with synthetic diamond prices dropping, it opens up many technological possibilities. We’re partnering with several high-tech companies to explore using diamonds in the digital era. This is an exciting future for synthetic diamonds.”
Despite the factory’s transition, Cook assured that Lightbox will continue as a brand using existing stock.
“Currently, we have plenty of stones for Lightbox. Production will continue for a few months to ensure a good stock of lab-grown diamond stones,” Cook said.
After the current stock is used up, the future of the Lightbox brand is uncertain. “We’ll see where the brand goes and what happens next. It’s too early to say,” Cook added.
