De Beers Pulls the Plug on Lab-Grown Diamonds Amidst Market Boom

The US diamond market is experiencing a significant shift. For the first time, more than half of engagement rings sold contain lab-grown diamonds. This surge in popularity has led to an unexpected move by De Beers, a leading diamond company, which recently announced the closure of its lab-grown diamond brand, Lightbox. Angara CEO Ankur Daga explains that lab-grown diamonds are now 90% cheaper than their natural counterparts, while being chemically and physically identical. "So this year, 55% of engagement rings in the US have lab-grown diamond centers," Daga states. This contrasts sharply with 2018, when less than 2% of engagement rings contained lab-grown diamonds. De Beers' decision reflects their strategy to focus more on natural diamonds, their primary business. The increasing affordability and indistinguishable quality of lab-grown diamonds are reshaping the jewelry industry.