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Major challenge for Surat’s LGD segment De Beers cuts Lightbox prices

Surat’s LGD segment could be facing a major challenge as De Beers recently announced a steep price cut for its Lightbox LGD brand. De Beers Group’s wholly-owned lab-grown diamond jewellery brand, Lightbox Jewelry, on May 10 announced a permanent price reduction to as low as $500 per carat, from a previous price of $800 per carat, for the brand’s Standard range of lab-grown diamonds.

Sandrine Conseiller, Chief Executive Officer of De Beers Brands, said in a media statement dated May 10: “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.

These lower prices will ensure that the brand remains competitive within this fast-evolving sector, while continuing to offer high quality lab-grown diamonds produced with 100 per cent renewable energy. 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.”

The price reduction follows months of testing lower prices and researching the lab-grown diamond jewellery sector, as per a media statement issued on May 10 and posted on its website. The brand will now have three linear price points – $500 per carat for IJ colour stones, $600 per carat for GH colour stones and $900 per carat for the highest quality stones of DEF colour, reduced from $1,500 per carat.

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