De Beers Group is set to enter the synthetic diamond market with the establishment of a new company called Lightbox Jewelry which will offer “consumers high-quality, fashion jewellery designs at lower prices than existing lab-grown diamond offerings."
In a company statement, De Beers announced the new stand-alone company will sell earrings and necklaces direct to consumers from September.
De Beers CEO Bruce Cleaver said its synthetic diamond jewellery would fill a gap in the market for consumers wanting to purchase superior designs and help clear consumer confusion over synthetic diamonds.
“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,” Cleaver said.
“Our extensive research tells us this is how consumers regard lab-grown diamonds – as a fun, pretty product that shouldn’t cost that much. We see an opportunity here that’s been missed by lab-grown diamond producers.”
According to the media release, Lightbox will be the only jewellery brand to source lab-grown diamonds from De Beers and the initial offering will include pink, white and blue diamonds in earrings and pendant necklaces. All three colours will be sold for US$800 (AU$1,067) per carat.
It added that Element Six, De Beers’ laboratory where the diamonds are produced, would eventually extend its range of coloured diamonds.
“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,” Lightbox general manager Steve Coe said.
“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,” he added.
De Beers stated it would invest US$94 million (AU$125.5 m) over four years to fund Element Six’s new production laboratory in Oregon, USA. Once operational, it is understood it will be capable of producing more than 500,000 carats of synthetic diamonds annually.
LIGHTBOX OFFERING
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