TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
SourcingMay 29, 2018
De Beers to Begin Selling Lab-Grown Diamond Jewelry
It is monumental, though not entirely shocking, jewelry industry news.
This picture provided by De Beers shows a selection of Lightbox Jewelry, the line of diamond fashion jewelry set with lab-grown white, pink and blue diamonds created by Element Six. The line will initially be sold direct to consumers online beginning this fall.
London--De Beers is entering the jewelry end of the lab-grown diamond industry with the launch of Lightbox Jewelry, a company that sells fashion jewelry set with diamonds grown by Element Six.
The jewelry will be sold direct to consumers via LightboxJewelry.com starting in September, with retail partnerships to be announced “in due course,” the company said in formally announcing the launch of Lightbox on Tuesday.
Lightbox Jewelry will be, at least for now, limited to fashion jewelry, necklaces and earrings set with white, blue and pink man-made diamonds that are “accessibly priced.”
De Beers is charging $200 for a piece of Lightbox Jewelry set with a 0.25-carat diamond; $400 for a half-carat diamond; $600 for 0.75 carats; and $800 for pieces set with a 1-carat man-made diamond. (Prices are for white, blue and pink diamonds and do not include the setting.)
In the company’s news release about Lightbox, both De Beers CEO Bruce Cleaver and Steve Coe, the general manager of Lightbox Jewelry, said the line aims to fill what De Beers perceives as a void in the market for well-priced lab-grown diamond fashion jewelry and to clear up consumer confusion over man-made diamonds.
“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. Lab-grown diamonds are a product of technology, and as we’ve seen with synthetic sapphires, rubies and emeralds, as the technology advances, products become more affordable. After decades of R&D investment, we’re able to offer consumers a better price today,” Cleaver said.
He added that Lightbox Jewelry will be a “small business” compared to what De Beers sells in mined diamonds.
Coe said: “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.”
He added that they will add more colors and designs to the line over time.
De Beers’ entrance into the lab-grown diamond jewelry market is monumental, although not entirely shocking, jewelry industry news. There has been speculation for years about when—not if—the company would employ its synthetic diamond arm, Element Six, to add gem-quality diamonds to its industrial production.
The jewelry will be sold direct to consumers via LightboxJewelry.com starting in September, with retail partnerships to be announced “in due course,” the company said in formally announcing the launch of Lightbox on Tuesday.
Lightbox Jewelry will be, at least for now, limited to fashion jewelry, necklaces and earrings set with white, blue and pink man-made diamonds that are “accessibly priced.”
De Beers is charging $200 for a piece of Lightbox Jewelry set with a 0.25-carat diamond; $400 for a half-carat diamond; $600 for 0.75 carats; and $800 for pieces set with a 1-carat man-made diamond. (Prices are for white, blue and pink diamonds and do not include the setting.)
In the company’s news release about Lightbox, both De Beers CEO Bruce Cleaver and Steve Coe, the general manager of Lightbox Jewelry, said the line aims to fill what De Beers perceives as a void in the market for well-priced lab-grown diamond fashion jewelry and to clear up consumer confusion over man-made diamonds.
“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. Lab-grown diamonds are a product of technology, and as we’ve seen with synthetic sapphires, rubies and emeralds, as the technology advances, products become more affordable. After decades of R&D investment, we’re able to offer consumers a better price today,” Cleaver said.
He added that Lightbox Jewelry will be a “small business” compared to what De Beers sells in mined diamonds.
Coe said: “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.”
He added that they will add more colors and designs to the line over time.
De Beers’ entrance into the lab-grown diamond jewelry market is monumental, although not entirely shocking, jewelry industry news. There has been speculation for years about when—not if—the company would employ its synthetic diamond arm, Element Six, to add gem-quality diamonds to its industrial production.
Element Six is based in Maidenhead, United Kingdom, and has grown diamonds for industrial purposes, for items such as drills, lasers and speakers, for years.
With the launch of Lightbox, De Beers is sinking $94 million over the next four years into a second Element Six facility near Portland, Oregon. Once fully operational, the plant will be capable of producing more than 500,000 carats of diamonds per year.
De Beers said Lightbox Jewelry will be the only company to which Element Six supplies gem-quality lab-grown diamonds.
All Lightbox diamonds that weigh 0.2 carats or more will be inscribed with a permanent logo inside the stone, visible only under a microscope, marking as a lab-grown diamond made by Element Six.
More on Sourcing
The Latest
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95He is remembered by loved ones for his loyalty, integrity, and kindness.
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to AuctionHosted by Freeman’s | Hindman, the sale will take place May 7-8.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an HourThe auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
Weekly QuizApr 11, 2024
This Week’s QuizTest your jewelry news knowledge with this seven-question quiz.
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About InsuranceFrom cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone CharmThe charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Events & AwardsApr 12, 2024
The Jewelry Symposium Announces 4 Scholarship WinnersAhead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
Policies & IssuesApr 11, 2024
SRK Exports’ Journey Toward Net Zero Impact By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Lab-GrownApr 11, 2024
AGTA Bans Lab-Grown Diamonds, Gemstones at GemFairMembers can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
IndependentsApr 11, 2024
Steven Rosdal, Co-Founder of Hyde Park Jewelers, Dies at 77He is remembered for his charisma, passion, integrity, kindness, and wit.
MajorsApr 11, 2024
Macy’s Opens Books for Possible BuyoutThe retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
CollectionsApr 10, 2024
Sylvie Launches New Nature-Inspired Collection, ‘Tulira’The bridal collection consists of 35 engagement rings and seven wedding bands.
WatchesApr 10, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
IndependentsApr 10, 2024
Levy's Fine Jewelry Explores Diamond History The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.
CollectionsApr 10, 2024
With Clarity Partners With NFL on Wedding Bands The limited-edition men’s rings can be customized with one of 12 team logos.
WatchesApr 09, 2024
Chrono24 Debuts Pre-Owned Watch Authentication ProgramThe program, now live in Europe, will roll out to the U.S. this summer.
AuctionsApr 09, 2024
Phillips to Offer 6.21-Carat Vivid Pink DiamondColored gemstones and signed jewels are the focus of its upcoming Geneva sale.
MajorsApr 09, 2024
Jewel360 Announces New POS Integration, JFC PartnershipThe point-of-sale software can now prompt customers to round up their credit card purchases as a donation to Jewelers for Children.
SourcingApr 09, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
SourcingApr 08, 2024
Charles & Colvard Debuts B2B Portal for MoissaniteSelect independent jewelers and retailers can now purchase moissanite through Charles & Colvard Direct.
Events & AwardsApr 08, 2024
AGS Announces First Recipient of ‘Women in Leadership’ ScholarshipAmber Rank of Exclusively Diamonds will receive mentorship, registration to AGS’s 2024 Conclave, and $500.
AuctionsApr 08, 2024
Sotheby’s ‘Rough Diamonds’ Sale Is All About … WatchesThe auction will take place Thursday and is underground, literally.
Events & AwardsApr 08, 2024
JOGS Show Returns to Las Vegas for a Second YearThe trade show is moving downtown to the Expo at World Market Center.
Lab-GrownApr 08, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
