De Beers is contemplating a reduction in the pricing of lab-grown diamonds marketed through its Lightbox jewellery brand, the company revealed recently. Anglo American, its parent company, acknowledged in its 2023 results that wholesale prices of lab-grown diamonds are experiencing a notable decline, posing financial challenges for major producers in the lab-grown diamond sector. These price drops are anticipated to result in substantial decreases in retail prices, prompting De Beers' Lightbox brand to test significantly lower pricing for its offerings.
These adjustments aim to "further clarify consumers' understanding of the fundamental distinctions between lab-grown and natural diamond jewellery," Anglo American emphasized.
Presently, Lightbox primarily retails its diamonds for $800 per carat, with its higher-quality Finest line priced at $1,500 per carat. Additionally, it offers lower-quality Lightbox Basics stones at $600 per carat.
In the ongoing trial, standard products are slated to retail at $600 per carat for loose stones, while the Finest line will carry a price tag of $1,000 per carat for both loose stones and set jewellery, according to a De Beers spokesperson speaking to Rapaport News. "The trial aims to ensure Lightbox remains in line with prevailing dynamics in the lab-grown diamond sector," the spokesperson remarked.
This announcement coincides with De Beers reporting a significant decline in sales for 2023, partly attributed to the impact of synthetic diamonds on the natural diamond market.
