In June, Lightbox – the De Beers Group’s lab-created diamond jewellery brand – launched the trial, marking a surprising change in strategy.
The collection consisted of 16 items featuring lab-created diamonds with prices ranging from $AU895 to $AU8,950.
“Through the test, the company deepened its understanding of lab-grown diamonds and evaluated the changing landscape and consumer perceptions associated with them,” a statement from De Beers reads.
“Lightbox will continue to focus on where it sees the most promising future opportunities in the sector – in fashion jewellery and in loose stones at accessible price points – and will not sell lab-grown diamond engagement rings.”
The statement also suggested that retailers would need to sell double the number of lab-created diamond carats every two years to maintain a flat absolute gross profit.
In the latest analysis of the US jewellery market from Tenoris, the price gap between natural and lab-created diamonds is expanding.
“In January 2020, the retail price of a one-carat round lab-grown diamond was 35 per cent less than a comparable natural diamond,” writes Edahn Golan.
“Currently, the price gap is 76 per cent even as the price of natural diamonds is declining. Natural diamonds, with all their fluctuations, are a relatively steady commodity. Lab-grown prices, on the other hand, sink like a stone in water.
“In this case, the body of water is the consumer market. For lab-grown to continue to be a viable consumer product, some perceived value needs to be created. Until then, the lab-grown pipeline is driving fast into a dead-end.”
The research found that lab-created diamond jewellery accounted for 6.3 per cent of all unit sales in August in the US. This was an increase from 4 per cent of sales in 2022.
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