Lightbox, a brand of lab-grown diamonds owned by De Beers, has permanently lowered its prices. The standard range now starts at $500 per carat, down from $800.
This decision comes after extensive research and testing in the lab-grown diamond market. Lightbox offers three price levels based on the color and quality of the diamonds. The highest quality stones now cost $900 per carat, down from $1,500.
The price reduction reflects the decreasing costs of producing lab-grown diamonds and highlights the growing market distinction between lab-grown and natural diamonds.
Meanwhile, Pandora, the world’s largest jewelry maker by volume, reported strong first-quarter sales. This success is largely due to an 87% year-over-year increase in sales of lab-grown diamonds. Pandora’s expanded lab-grown diamond collections have boosted demand for its products, especially in the United States.
In contrast, companies that focus on natural diamonds, such as De Beers’ main business and Signet Jewelers, are facing a price slump. This is due to weakening demand and oversupply.
In February, De Beers’ parent company, Anglo American, reduced the business’s value to $1.6 billion. The Wall Street Journal also reported that De Beers might sell the business to rival BHP. De Beers has long been a leader in diamond production and is well-known in the industry.
The popularity of lab-grown diamonds is rising, now making up 20% of global diamond jewelry sales. While natural diamonds still lead the market, lab-grown diamond sales are growing rapidly, reaching nearly $12 billion in 2022. This suggests consumers are increasingly drawn to the more affordable and ethically sourced lab-grown alternatives.
