De Beers is gearing up to sell laboratory-grown diamond jewellery at prices much more affordable than “real” diamonds.
A new company, Lightbox Jewelry, will market the new products from September, offering consumers high-quality, fashion jewellery designs at lower prices than existing lab-grown diamond offerings.
Lightbox lab-grown diamonds will retail from $200 for a quarter-carat stone to $800 for a one-carat stone
The line-up features pink, blue and white lab-grown diamonds in a selection of earring and necklace designs.
“Lightbox will transform the lab-grown diamond sector by offering consumers a lab-grown product they have told us they want but aren’t getting: affordable fashion jewellery that may not be forever, but is perfect for right now,” says Bruce Cleaver, CEO of De Beers Group.
“Our extensive research tells us this is how consumers regard lab-grown diamonds – as a fun, pretty product that shouldn’t cost that much – so we see an opportunity here that’s been missed by lab-grown diamond producers.
“Lab-grown diamonds are a product of technology, and as we’ve seen with synthetic sapphires, rubies and emeralds, as the technology advances, products become more affordable,” he adds.
“After decades of R&D investment, we’re able to offer consumers a better price today. While it will be a small business compared with our core diamond business, we think the Lightbox brand will resonate with consumers and provide a new, complementary commercial opportunity for De Beers Group.”
Steve Coe, GM of Lightbox Jewelry, adds: “Lightbox Jewelry offers consumers something new: sparkle and colours, at a very accessible price.
“We’ve learned from our research that there is a lot of confusion about lab-grown diamonds – what they are, how they differ from diamonds, and how they are valued. Lightbox will be clear with consumers about what lab-grown diamonds are and will offer straightforward pricing that is consistent with the true cost of production.
“We will introduce more designs and colours as the range evolves, and the technological efficiency of our proprietary production process means we will always offer Lightbox at accessible prices,” Coe adds.
Lightbox will launch in the US and will initially be available to US-based consumers.