Is The Lab-Grown Diamond Era Over?

NDTV

13-06-2025

Are diamonds really forever? South African and British diamonds corporation, De Beers Group announced its decision to close its lab-grown diamonds (LGD) brand, Lightbox in May 2025. This has led to a shift of focus back to the OG natural diamonds within the industry and consumers. While a girl's got to know all about her diamonds, but if you are living under a rock, LGDs are chemically produced diamonds that look just like naturally mined diamonds but cost a fraction of the latter.
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According to Statista (Statista is a global data and business intelligence platform that specialises in compiling, gathering and visualising statistics and market research data), this move by De Beers is in sharp contrast to the lab-grown diamonds industry steadily growing over the past decade. However, in a statement released in their official website the company highlighted that Lightbox's LGD's have seen a fall in prices by 90 per cent at wholesale, since the brand's inception back in 2018. Given this stark drop in prices and the resultant decline in market, the company has decided to discontinue the brand.
This strategic move by the leading diamonds producer now shifts their attention back to natural diamonds. In an official statement by De Beers, it was made clear that this will lead to streamlining the business and concentrating energies towards high-return operations instead.
Given this turn in the industry, NDTV spoke to De Beers Group, industry experts and other brands in the business to understand their take on the fall of lab-grown diamonds and the resultant resurgence of naturally mined diamonds.
De Beers's Comment On Rolling Back Its Lab Grown Diamond Line, Lightbox
Amit Pratihari, MD, De Beers India, spoke to NDTV, "The proposed closure of the Lightbox business reflects a key executional milestone in De Beers Group's Origins Strategy, as set out in May 2024, to focus on high-return activities and streamline the business. The closure will enable De Beers Group to reallocate investment to initiatives focused on reinvigorating desire for natural diamonds through category marketing."
He further said, "As we move towards becoming a standalone company, we continue to optimise our business, reduce costs and build a focused De Beers that is positioned for profitable growth."
It was conclusively added by the diamonds giant, "The planned closure of Lightbox reflects our commitment to natural diamonds. We are also excited at the growing commercial potential for synthetic diamonds in the technology and industrial space."
De Beers Group's Take On Their Strategic Move Towards Focusing On Natural Diamonds
Amit Pratihari highlighted the De Beers Group India's view, "The De Beers Group's strategic move to close its lab-grown diamond ("LGD") jewellery brand, Lightbox, reinforces De Beers Group's commitment to natural diamonds in the jewellery sector."
He further told NDTV, "Natural diamonds, in that context, become more than adornment in India. They become symbols of support, of acknowledgment, of love that adapts and evolves. By linking this deeply personal rite of passage to the timelessness of diamonds, we aimed to elevate the moment - and remind people that diamonds can be everyday expressions of meaning, not just occasion-driven luxuries."
Did Falling Prices Make De Beers Close Down Their Lab Grown Diamonds Line? Industry Experts Weigh In
Mr. Ankur Daga, Founder and CEO, Angara (Angara is a US based fine jewellery with a 300-year gemstone legacy that has entered the Indian market with a digital first direct-to-customer market to reshape the luxury jewellery industry) told NDTV, "De Beers' exit needs to be seen through the right lens."
To throw light on the renowned diamonds industry giant he added, "When they launched Lightbox in 2018, which was the same year when the U.S. FTC officially declared lab-grown diamonds as real diamonds in line with which their strategy was to position lab-grown diamonds as fashion or fun jewellery, while keeping natural diamonds for "serious" milestones. But over time, that divide didn't hold."
The perspective of the consumers was also brought forth by Ankur Daga, "They didn't see them as separate categories. But they saw two options that looked the same, felt the same, and were chemically identical. Without a pricing or scale advantage in the lab-grown segment, it made sense for them to double down on what drives their core business."
Putting a fair point of view across he added, "That said, their exit isn't a reflection of the lab-grown category's health. If anything, lab-grown has never been stronger. It's simply that the market evolved faster than a legacy brand could adapt. This is a space where nimble, consumer-first brands, especially in the D2C space, are leading the way."
Richa Singh, MD, India and Middle East, Natural Diamond Council offers a contrasting opinion on the closing down of lab De Beers's lab grown diamonds line, "The closure of Lightbox marks a clear inflection point in the diamonds industry. When De Beers launched the brand, the intent was to create a visible distinction between lab-grown diamonds (LGDs) and natural diamonds, positioning LGDs as a lower-priced option for less significant, everyday moments."
However, this saw a change, "As the prices for LGDs have fallen by nearly 90 percent, the category has been challenged not just economically, but in terms of consumer perception. This shift has made it increasingly clear that in a market where consumer trust and clarity matter more than ever, natural diamonds continue to hold their place as heirlooms, memory carriers, and investments with meaning."
Is The De Beers Case A Model Of How The Industry Is Functioning?
Richa Singh further agreed that this will be a model of how the diamonds industry will function at large, "Yes, the De Beers decision is indicative of broader shifts within the diamonds industry. As consumer expectations evolve, there is a renewed emphasis on transparency, traceability, and intrinsic value. The closure of Lightbox was not simply a financial decision; it underlined the growing divide between short-term alternatives and enduring legacy. This development reinforces what discerning consumers have always known: that natural diamonds, with their rarity, cultural significance, and emotional depth, offer something that cannot be replicated. Their value lies not just in the product, but in what they represent over time."
Ankur Daga on the contrary is of another opinion, "Not at all. Across the global jewellery industry, lab-grown diamonds are gaining ground rapidly, not as a 'fashion' offshoot, but as a core category. Today, most mainstream jewellers, especially in the U.S., offer both lab-grown and natural diamonds side by side. The only exceptions are ultra-luxury houses that focus exclusively on natural stones due to their high price points."
He further told NDTV, "So while De Beers stepped away, the rest of the industry has embraced lab-grown (diamonds). Not as a niche, but as a growth engine, one that's bringing aspirational fine jewellery to a far wider audience than ever before."
Are Natural Diamonds Regaining Their Charm?
Richa Singh is all in for natural diamonds regaining their old charm. She tells NDTV, "The association between natural diamonds and emotional milestones is not only growing stronger but also becoming deeply personal. Today, one in every three women is choosing to buy a diamond for herself. This shift reflects a powerful cultural evolution, where women are not waiting to be gifted diamonds, but are claiming them as expressions of self-worth, independence, and celebration. They are not just adornments. They are heirlooms in the making."
Ankur gave NDTV an alternative perspective which points towards a no real move back towards the natural diamonds. "There's no real data to suggest that natural diamonds are regaining charm in a way that reflects a broad market shift. In fact, the momentum clearly lies with lab-grown diamonds, which are growing significantly faster in retail sales, both globally and in India. That's not to say natural diamonds don't have their place. They still hold emotional value for many, particularly when heritage or tradition is part of the story. But the idea that women are uniformly returning to natural diamonds for milestone moments doesn't hold up to market reality."
The Effect Of Circling Back To Natural Diamonds In The Face Of Easy On The Pocket Lab grown Ones?
The move to and fro between natural diamonds and lab grown ones has polarised the industry. According to Ankur Daga, "Honestly, I don't think there is a pendulum swinging back. That narrative keeps coming up, but if you look at the numbers, they tell a very different story."
Richa Singh is of the opinion, "The love for natural diamonds stems from something deeper, the emotional and intrinsic value they uniquely hold. Formed over millions of years, they are rare, real, and carry a lasting significance that simply cannot be replicated."
Market Trends And Future Outlook. Are Customers Moving Towards Buying Lab Grown Diamonds Or The Natural Ones?
Ankur Daga clearly mentions their customer's preference towards lab grown diamonds, "Our customers are clearly moving toward lab-grown diamonds. If you fast-forward five to 10 years, I believe we'll see lab-grown account for 80 percent of centre stones in engagement rings, up from just 2% in 2018 and 55% today. That number will plateau eventually, simply because it's already a majority, but the direction is very clear."
Richa Singh gives NDTV a contrasting view. "Natural diamonds and lab-grown diamonds are fundamentally different. One is a billion-year-old legacy, shaped by the earth and time. The other is a mass produced, created in a matter of weeks. While they may appear visually similar, the differences in origin, rarity, and intrinsic value set them apart."
She further added, "No two pieces are alike, similar to fingerprints making each one as unique and one-of-a-kind just like yours."
Industry Experts Take On Luxury Diamonds Market Trends
Frankly, different sections of the diamonds industry have different opinions on this matter.
Ankur Daga told NDTV, "We're seeing a major shift in how luxury in jewellery is expressed. Thanks to lab-grown, larger diamonds have become much more accessible, and that's giving people the freedom to explore bolder styles. You'll start to see more people wearing two-, three, even four-carat diamonds, not because they've suddenly changed their taste, but because it's now within reach."
Richa Singh said on the question the market trends (rephrase this), "India has always been the soul of the diamond world, from being the first home of diamonds to leading the global cutting and polishing trade. Today, it continues to shape the future of fine jewellery." She further added, "The future of luxury lies at the intersection of tradition and individuality and that's where natural diamonds shine."
Industry Insider's Take On If 'Diamonds Are Forever'?
Ankur Daga who helms Angara is of the opinion, "Yes. Diamonds are forever, but not just natural ones. Lab-grown diamonds are chemically and visually identical, and increasingly, they carry the same emotional significance. And I'd say coloured gemstones are equally forever. They're becoming modern heirlooms; deeply personal, versatile, and in many cases, appreciating in value."
Richa Singh agrees that diamonds are certainly forever and are a symbol of love and bonds that make their heirloom worthy, "Natural diamonds carry a history that spans billions of years. Even the youngest among them predates the dinosaurs by over 40 million years. Formed deep within the Earth, each diamond is entirely unique, like a fingerprint of nature. That individuality mirrors every relationship we cherish. Their journey to the surface is one of strength and resilience, making them powerful symbols of enduring love and connection." She further added, "They're not just timeless, they're deeply personal, memory carriers that evolve with us and endure beyond us."
Conclusive Take: Is The Era Of Lab Grown Diamonds Over?
Just like the rest, the industry opinion is divided on this pivotal question too. But Ankur Daga kept his take short and sweet, "Far from it. It's only just beginning."
Richa Singh, on the contrary, said, "For those of us who are passionate advocates of natural diamonds, this moment is not about competing origins but about deeper meaning. Consumers today are choosing fewer, better things; pieces that carry emotional weight, generational value, and a story worth telling."
So, who is to say whether the era of lab grown diamonds is over or not? Opinions remain divided and only time will tell.