De Beers Group’s wholly-owned lab-grown diamond jewellery brand, Lightbox Jewelry, announced a permanent price reduction to as low as $500 per carat, from a previous price of $800 per carat, for the brand’s Standard range of lab-grown diamonds.
The price reduction follows months of testing lower prices and researching the lab-grown diamond jewellery sector. 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. All stones have a guaranteed minimum ‘very good’ cut and VS clarity, with the DEF stones to feature ‘excellent’ cut.
Sandrine Conseiller, Chief Executive Officer of De Beers Brands, said: “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. 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.
“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 per cent of an equivalent size and quality natural diamond1. 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. We believe that it is vital that jewellery consumers understand that lab-grown diamonds are a distinct product category, as they do not have the same enduring value as natural diamonds.”
