De Beers unveils five-year strategy to revitalise natural diamond market 

The initiative comes at a pivotal time as the natural diamond market shows signs of recovery amidst a backdrop of declining global production 

Mumbai: In a bid to reinvigorate the natural diamond industry and streamline its operations, De Beers Group has revealed its ‘Origins’ strategy . This comprehensive plan aims to enhance the value chain from mining to retail, focusing on high-return investments across various sectors. 

The initiative comes at a pivotal time as the natural diamond market shows signs of recovery amidst a backdrop of declining global production. De Beers, renowned for its iconic retail brands and extensive mining assets, seeks to leverage its industry-leading position to drive sustainable growth. 

Al Cook, CEO of De Beers Group, outlined the company’s vision, stating, “We are reinventing every part of De Beers to grow value. Through delivery of our Origins strategy, De Beers will be streamlined, focused, and a leader in diamond technology, provenance, and luxury retail.” 

The strategy entails significant business streamlining efforts, including sustainable cost savings and divestment of non-diamond assets. De Beers plans to focus its upstream investments on high-return mining projects, capitalizing on its competitive portfolio of mining assets. 

Moreover, the company aims to revolutionize the midstream sector by embracing technology, particularly through its digital portfolio. De Beers’ Tracr technology, designed to enhance traceability and transparency, is poised to reshape the industry landscape. 

In the downstream segment, De Beers will adopt innovative marketing approaches to reignite consumer desire for natural diamonds. Strategic collaborations with leading retailers and the launch of new verification instruments are among the measures planned to differentiate natural diamonds from lab-grown alternatives. 

Additionally, De Beers Group’s Element Six business will shift its focus from lab-grown diamonds for jewellery to synthetic diamond technology solutions for industrial applications. 

The announcement also marks the end of De Beers’ venture into lab-grown diamonds for jewelry. Citing a shift in focus towards marketing the “unique attributes” of natural stones, the company will cease production of lab-grown diamonds for its Lightbox jewellery line. This decision follows a downturn in sales in 2023 and owner Anglo-American’s exploration of a potential sale or spin-off. 

The transition will see Element Six streamline its three chemical vapor deposition (CVD) plants into its $94 million facility in Portland, Oregon, transforming it into a technology hub for producing diamonds for industrial applications. 

Despite the transition, the Lightbox brand will continue to operate as a consumer brand with existing inventory sustaining sales for the foreseeable future. However, De Beers clarified that discontinuing the line is not under consideration. 

Retail Jeweller India News