De Beers’ lab-grown diamond jewellery brand Lightbox 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 I to J colour stones, $600 per carat for G to H colour stones and $900 per carat for the highest quality stones of D to F colour, reduced from $1,500 per carat. All stones have a guaranteed minimum ‘very good’ cut and VS clarity, with the D to F stones to feature ‘excellent’ cut.
The move is the first time Lightbox has reduced the price of its standard line since the brand launched in 2018. The fixed price of $800 per carat, irrespective of size, was one of the main innovations of the De Beers business at the launch, since lab-grown sellers had previously priced in a similar way to natural diamonds.
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 percent 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.”
According to Conseiller, 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 percent of an equivalent size and quality natural diamond. This price evolution supports De Beers’ 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,” Conseiller added. (Photo courtesy: De Beers)
16-05-2024
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