De Beers Group has announced the launch of a new company called Lightbox Jewelry that will begin marketing a new brand of laboratory-grown diamond jewellery in September.
Lightbox lab-grown diamonds will retail from $200 (£150) for a quarter-carat stone to $800 (£603) for a one-carat stone. The line will feature pink, blue and white lab-grown diamonds in a selection of accessibly-priced earring and necklace designs.
Bruce Cleaver, CEO of De Beers Group, said: “Lightbox will transform the lab-grown diamond sector by offering consumers a lab-grown product they have told us they want but aren’t getting: affordable fashion jewelry that may not be forever, but is perfect for right now.
“Our extensive research tells us this is how consumers regard lab-grown diamonds – as a fun, pretty product that shouldn’t cost that much – so we see an opportunity here that’s been missed by lab-grown diamond producers.
“After decades of R&D investment, we’re able to offer consumers a better price today. While it will be a small business compared with our core diamond business, we think the Lightbox brand will resonate with consumers and provide a new, complementary commercial opportunity for De Beers Group.”
Lightbox will launch in the US and will initially be available to US-based consumers through the Lightbox e-commerce website, with retail partnerships to be announced in due course.
Steve Coe, general manager at Lightbox Jewelry, added: “Lightbox Jewelry offers consumers something new: sparkle and colors, at a very accessible price. In addition to a deep understanding of what consumers want, Lightbox brings innovation and a commitment to transparency to the lab-grown diamond sector.
“We’ve learned from our research that there is a lot of confusion about lab-grown diamonds – what they are, how they differ from diamonds, and how they are valued. Lightbox will be clear with consumers about what lab-grown diamonds are and will offer straightforward pricing that is consistent with the true cost of production.”
A subsidiary of De Beers Group, Lightbox will be the only jewellery brand to source lab-grown diamonds from De Beers Group’s Element Six business.