Lab-GrownApr 08, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
Lightbox, the lab-grown diamond brand De Beers Group launched in 2018 with an $800 per carat pricing structure, is now selling its diamonds for as low as $500 a carat. Pictured is a selection of loose fancy-cut lab-grown Lightbox diamonds.
Gresham, Oregon—Lightbox has cut prices by as much as 40 percent, bringing its lab-grown diamonds even farther below the market average.
Lightbox tested reduced prices in the fourth quarter 2023 and announced Friday it had officially adopted price cuts across the board, with the steepest drop coming for its highest-quality goods.
It is now selling its “Finest” lab-grown diamonds—D-F color, excellent cut, and VS clarity—for $900 a carat, 10 percent lower than the price offered in the Q4 trial ($1,000 per carat), and 40 percent off the original price of $1,500 per carat.
Prices on I-J color lab-grown diamonds were cut 38 percent, from $800 to $500 a carat, while G-H color stones are going for $600 a carat, down 25 percent from $800 a carat.
Even before Lightbox announced it was making its price cuts permanent, its lab-grown diamonds were priced well below the retail average, observed industry analyst Edahn Golan, co-founder of data analytics firm Tenoris.
He said in April, the average retail price of a 1-carat lab-grown diamond was $1,093, which is 27 percent more than Lightbox was charging for its standard lab-grown diamonds (G-J color and VS clarity).
Retailers paid $364 when they purchased that diamond, giving them a 67 percent gross margin, he said.
“It looks like De Beers is continuing with its effort to pull down lab-grown diamond retail prices by offering them for far below market prices,” Golan said, while noting that even under the new pricing, Lightbox is still selling well above its costs.
“We should expect continued lab-grown diamond price declines, especially considering the large margins through most of the lab-grown diamond pipeline, and the oversupply of goods,” he concluded.
Related stories will be right here …
Lightbox tested reduced prices in the fourth quarter 2023 and announced Friday it had officially adopted price cuts across the board, with the steepest drop coming for its highest-quality goods.
It is now selling its “Finest” lab-grown diamonds—D-F color, excellent cut, and VS clarity—for $900 a carat, 10 percent lower than the price offered in the Q4 trial ($1,000 per carat), and 40 percent off the original price of $1,500 per carat.
Prices on I-J color lab-grown diamonds were cut 38 percent, from $800 to $500 a carat, while G-H color stones are going for $600 a carat, down 25 percent from $800 a carat.
Even before Lightbox announced it was making its price cuts permanent, its lab-grown diamonds were priced well below the retail average, observed industry analyst Edahn Golan, co-founder of data analytics firm Tenoris.
He said in April, the average retail price of a 1-carat lab-grown diamond was $1,093, which is 27 percent more than Lightbox was charging for its standard lab-grown diamonds (G-J color and VS clarity).
Retailers paid $364 when they purchased that diamond, giving them a 67 percent gross margin, he said.
“It looks like De Beers is continuing with its effort to pull down lab-grown diamond retail prices by offering them for far below market prices,” Golan said, while noting that even under the new pricing, Lightbox is still selling well above its costs.
“We should expect continued lab-grown diamond price declines, especially considering the large margins through most of the lab-grown diamond pipeline, and the oversupply of goods,” he concluded.
Also on Friday, Lightbox announced it would now be obtaining batch quality verification for its lab-grown diamonds through the Gemological Institute of America.
Lightbox said GIA will assess a “statistically significant” sample in each production run to ensure they meet the lab’s quality criteria for color, clarity, and cut. A downloadable GIA “quality verification card” then will be available for each diamond in the batch.
A GIA spokesperson told National Jeweler that the batch verification service launched Friday. It is a service GIA is providing for Lightbox only, just as it does pre-owned jewelry authentication for eBay only.
The service will start with the Lightbox’s D-F color white round brilliant-cut loose lab-grown diamonds, though it could expand to the blue and pink lab-grown diamonds in the future.
Lightbox CEO Antoine Borde said: “Lightbox led the lab-grown diamond jewelry sector six years ago with its $800 a carat linear pricing, and, today, we are pleased to introduce even lower prices, that more closely align with current jewelry industry dynamics.
“Equally, we’re very proud to be working with the GIA to verify the quality and consistency of our stones, which supports purchase confidence and allows us to continue our mission of providing clarity, transparency, and value to our customers.”
More on Lab-Grown
The Latest
MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
SourcingJul 25, 2024
De Beers’ H1 Revenue Falls 21% in ‘Weak’ MarketLab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
FinancialsJul 25, 2024
Boucheron, Pomellato Post Double-Digit Growth in Q2 The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
SourcingJul 23, 2024
De Beers’ Production Drops 15% in Q2The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
