market share

More

Lightbox Now Offers Lab-Grown Diamond Engagement Rings

  • June 25, 2023

In a move sure to further disrupt the jewelry industry already disrupted by consumers’ rapid turn to lab-grown diamonds, De Beers has introduced engagement rings under its lab-grown jewelry brand Lightbox, a category it once reserved exclusively for its Forevermark natural, mined diamonds. Now it offers a selection of 16 lab-grown diamond engagement rings priced from $500 to $5,000.

While the company positions the move as a limited market test, it is groundbreaking for De Beers, whose fortunes have been inextricably linked to natural diamond futures.

De Beers is the world’s leading natural diamond company, with its reach into diamond exploration, mining, grading, marketing and retail. It singlehandedly made the diamond engagement ring the symbol of everlasting love in its famed 1947 “A diamond is forever” ad campaign.

Into The Lab-Grown Diamond Fray

When De Beers first dipped its toes into the lab-grown jewelry market with Lightbox in 2018, it was positioned as fun, pretty, affordable fashion jewelry that “may not be forever, but is perfect for right now,” said Bruce Cleaver, then-CEO De Beers Group and now its co-chairman.

At the time, LGD were reserved for earrings and necklaces set with an emphasis on colored stones, but also available in clear-white diamonds.

Initial prices were set at $800 per carat, exclusive of the setting, and the company has held the line on per-carat price since then. However, it has since added a finest grade above its standard offering, priced at $1,500 per carat for LGD stones of finer cut and clarity with the clearest color rating.

It stepped deeper into the bridal waters

Read the rest