De Beers’ wholly-owned lab-grown diamond jewellery brand, Lightbox Jewelry has reduced prices of lab-grown diamonds (LGD) by more than a third following months of testing lower prices and researching the LGD jewellery sector.
It said the move reflects price declines in the LGD jewellery sector, with prices now starting at $500 per carat from the previous $800 per carat for the brand’s Standard range of lab-grown diamonds.
It said the brand will now have three linear price points: $500 per carat for IJ colour stones, $600 per carat for GH colour stones and $900 per carat for the highest quality stones of DEF colour, reduced from $1,500 per carat.
“The wholesale prices of lab-grown diamonds in the jewellery sector continue to decline, and we are pleased to pass on these savings to our customers,” said De Beers Brands chief executive Sandrine Conseiller.
“These lower prices will ensure that the brand remains competitive within this fast-evolving sector while continuing to offer high-quality lab-grown diamonds produced with 100 per cent renewable energy. Lightbox has always been committed to linear pricing, reflecting the linear cost of production, and to being transparent about what lab-grown diamonds are—and, just as importantly, what they are not.”
She said the price difference between natural and lab-grown diamonds at retail is growing fast, accelerating consumer awareness that they are fundamentally very different products.
“A Lightbox highest quality two-carat lab-grown diamond now retails for around just 10% of an equivalent size and quality natural diamond,” said Conseiller.
“This price evolution supports our long-held view that the key opportunity in the jewellery sector for lab-grown stones will be within fashion jewellery, with lower price points enabling fun and colourful innovations, such as the blue and pink Lightbox stones.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
