The world’s largest natural diamond producer is heading toward a sale: cutting prices, reducing output, and closing stores.

External observers attribute the pricing pressure on natural diamonds to the rapid increase in lab-grown diamond supply. A 2024 report by Boston Consulting Group shows that, excluding melee diamonds, global lab-grown diamond supply surged from approximately 1.4 million carats in 2018 to 10.5 million carats in 2022, reaching about 15.9 million carats in 2024—a more than tenfold increase over six years. Lab-grown diamonds are virtually indistinguishable from natural diamonds in appearance and physical properties, yet cost significantly less—undermining the narrative of natural diamond scarcity. As the industry’s dominant player, De Beers launched its lab-grown diamond jewelry brand Lightbox in 2018, pricing products at $800 per carat. Driven by technological breakthroughs and expanded production capacity in the lab-grown segment, Lightbox reduced select product prices to $500 per carat in 2024. In May 2025, De Beers announced the closure of the Lightbox brand and revealed that wholesale prices for lab-grown diamonds had fallen cumulatively by 90% since the brand’s inception. De Beers also stated that its synthetic diamond business would be refocused by subsidiary Element Six exclusively on industrial applications—including semiconductors and quantum technologies—while redirecting the group’s strategic emphasis back to natural diamonds. Contraction and Restructuring Amid the Sale Process Facing mounting operational pressures, Anglo American—the parent company of De Beers—announced in May 2024 its intention to divest De Beers via sale or spin-off. Two years after being formally put up for sale, De Beers’ divestiture process has advanced. In July 2026, the Government of Botswana—which holds a 15% stake in De Beers—disclosed that it holds a right of first refusal over Anglo American’s proposed sale of its 85% stake. Botswana may either co-invest with the preferred bidder or acquire the shares independently or jointly with other investors. The government expects the transaction to close in Q4 2026, subject to regulatory approvals and other conditions. Following the announcement of the sale plan, De Beers simultaneously initiated business adjustments. At the end of May 2024, the company unveiled its “Origins” strategy, committing to cut management expenses, divest non-core assets, and concentrate investment on high-return mines, technologies, and retail operations. De Beers stated that, as of July 2026, it had reduced annual management expenses by over $100 million. These adjustments extend to mining operations and capital expenditures. In the first half of this year, De Beers decided to suspend its mine expansion project in Canada. In July, the company announced a two-year production halt at its South African mine and proposed a global operational restructuring—focusing resources further on core operations while cutting headquarters costs. De Beers is also reshaping its natural diamond product portfolio and retail system. In 2025, it launched the “ORIGIN—De Beers Group” finished diamond initiative, enabling consumers in retail stores to trace a diamond’s country of origin, journey through the supply chain, and rarity—thereby reinforcing the traceability and scarcity of its natural diamonds. Simultaneously, De Beers is strengthening the luxury and high-end jewelry positioning of its brands. In 2025, the company rebranded De Beers Jewellers as De Beers London, stating the move aims to “firmly anchor the brand within the luxury jewelry sector,” with a renewed focus on design-led and haute joaillerie collections. Meanwhile, the Forevermark brand shifted away from its former global diamond certification and licensing model—where authorized cutters and retailers sold diamonds bearing the brand’s logo and unique serial numbers—to become a direct-to-consumer, premium finished-jewelry brand targeting the Indian market.

Top News Flash | Vince’s first fiscal quarter sales rise 10.5%; De Beers sale reportedly nearing completion; Hermès opens new flagship store on New Bond Street in London.

▐ Financial Results▐ Vince’s First Fiscal Quarter Sales Rise 10.5% According to Fashion Unbordered, fashion brand Vince reported a 10.5% year-on-year increase in total net sales to $64 million for the first fiscal quarter ended May 2. Growth was driven by a 15.6% rise in direct-to-consumer sales and a 5.9% increase in wholesale sales. Gross margin improved to 50.6%, while net loss narrowed to $2.1 million. The company attributed enhanced profitability to price increases and lower discounting, though part of this gain was offset by rising tariff costs. ▐ Fashion Highlights▐ Hermès Opens New Flagship Store on New Bond Street in London Fashion Unbordered learned that Hermès has officially opened its new flagship store at 166 New Bond Street in London. Acquired by the brand 17 years ago, the property underwent a six-year renovation before opening. This marks Hermès’ sixth global flagship. Spanning 2,000 square meters across five floors, the store features 55 individual showrooms and a rooftop terrace, showcasing all 16 of the brand’s product categories. Designed by Paris-based architecture firm RDAI, the space blends rich colors and British architectural elements to deliver a retail experience fusing historical depth with contemporary aesthetics—underscoring Hermès’ long-term commitment to the UK market. De Beers Sale Reportedly Nearing Completion Fashion Unbordered learned that the divestiture process for diamond giant De Beers may be entering its final stage. The head of Anglo American’s diamond business stated that related negotiations have reached an advanced stage, with the deal expected to close “within weeks—not months.” Anglo American launched the De Beers sale initiative in 2024 as part of a broader corporate restructuring, aimed at addressing weakening demand for natural diamonds and challenges posed by the rise of lab-grown alternatives. ▐ Corporate Developments▐ Burberry CEO Compensation Plan May Face Shareholder Opposition Fashion Unbordered learned that the executive compensation reform proposal put forward by British luxury brand Burberry may encounter opposition from some investors at next month’s Annual General Meeting. Under the plan, CEO Joshua Schulman would receive performance-based stock awards valued at 300% of his base salary. If Burberry achieves its highest performance targets and its share price rises by 50%, his potential total compensation could reach £12.24 million. Analysts note that the newly introduced long-term equity incentives raise the CEO’s maximum annual remuneration to £12.24 million—compounded by three negative factors: workforce reductions, suspension of dividend payments, and delayed carbon neutrality goals—making shareholder pushback likely. Dolce & Gabbana Reportedly Considering Sale of Milan Real Estate to Raise Funds According to Bloomberg, citing informed sources, Italian luxury brand Dolce & Gabbana is negotiating with lenders regarding the potential sale of certain real estate assets in Milan to bolster liquidity and advance its debt refinancing plan. It was confirmed in April that Dolce & Gabbana is engaged in financing talks with creditor banks. Earlier reports indicated that lenders are pushing forward a debt refinancing plan involving approximately €450 million, with the sale of real estate assets viewed as one possible funding option.

De Beers CEO sees sale of diamond firm in 'weeks not months'

Jun 16, 2026

De Beers CEO Al Cook expects the sale of the diamond unit to close within weeks, concluding a two-year negotiation period with Anglo American.

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De Beers CEO sees sale of diamond firm in 'weeks not months'

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