De Beers recently disclosed that it is considering revising the pricing strategy for lab-grown diamonds (LGD) offered under its Lightbox jewelry brand, Diamond World reports.
In its 2023 report, Anglo American, De Beers’ parent company, acknowledged that wholesale prices for LGDs witnessed a substantial decline, creating financial challenges for major players in the lab-grown diamond sector.
The objective behind these potential price adjustments is to “further clarify consumers’ understanding of the fundamental distinctions between lab-grown and natural diamond jewelry,” Anglo American said in the report.
Currently, Lightbox markets its diamonds at $800 per carat, with its higher-quality Finest line priced at $1,500 per carat. It also offers Lightbox Basics stones, of lower quality, at $600 per carat.
During the trial phase, standard products are expected to retail at $600 per carat for loose stones, while the Finest line will be priced at $1,000 per carat for both loose stones and set jewelry, according to a De Beers spokesperson speaking to Rapaport News.
This announcement coincides with De Beers reporting a notable decline in sales for 2023, partially attributed to the impact of synthetic diamonds on the natural diamond market.
