In March, it was announced that the De Beers Group-owned diamond and jewellery brand would ‘experiment’ with reduced prices due to challenging economic conditions.
The brand has confirmed that the standard line of diamonds with I-J colour will retail at $USD500 ($AUD757) per carat, a reduction of more than 37 per cent.
When the brand launched in 2018, its strategy was based on a fixed price of $USD800 ($AUD1,212) per carat.
The CEO of De Beers Brands, Sandrine Conseiller, said that the price difference between natural and lab-created diamonds is increasing quickly and that this has improved consumers' understanding of their differences.
“The wholesale prices of lab-grown diamonds in the jewellery sector continue to decline, and we are pleased to pass on these savings to our customers,” she said.
“Lightbox has always been committed to linear pricing, reflecting the linear cost of production, and to being transparent about what lab-grown diamonds are – and just as importantly – what they are not.”
She added: “We believe that it is vital that jewellery consumers understand that lab-grown diamonds are a distinct product category, as they do not have the same enduring value as natural diamonds.”
Diamonds with a D-F colour, VS clarity and excellent cut will be sold at $USD900 per carat, a 40 per cent decrease in price.
The price of diamonds with a colour of G-F has been reduced by 25 per cent and will be sold at $USD600 ($AUD909) per carat.
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