De Beers, the iconic diamond company, is contemplating a strategic move to lower the prices of lab-grown diamonds marketed under its Lightbox jewellery brand. This decision comes as a response to the significant decline in wholesale prices of lab-grown diamonds, which has posed financial challenges for key players in the industry, as indicated in the 2023 results of its parent company, Anglo American.
Anglo American highlighted that the plummeting prices of lab-grown diamonds are anticipated to prompt substantial reductions in retail prices. In line with this, De Beers plans to test notably lower prices for its Lightbox brand products. The proposed price adjustments are aimed at further emphasizing the inherent disparities between lab-grown and natural diamonds in the minds of consumers.
Currently, Lightbox predominantly retails its diamonds at $800 per carat, with its premium Finest line commanding $1,500 per carat for higher-quality pieces. Additionally, the brand offers Lightbox Basics stones at a more accessible price point of $600 per carat.
By reassessing its pricing strategy, De Beers aims to not only adapt to the shifting dynamics of the lab-grown diamond market but also to reinforce consumer perceptions regarding the unique attributes of natural diamonds versus their lab-grown counterparts.
