De Beers has responded to the plunging prices of lab growns by slashing the cost of its Lightbox goods by at least a third.
Prices for its standard lab growns have remained constant at $800 per carat since the company launched in 2018.
The company says that as wholesale prices of lab growns keep declining, it is pleased to pass on the savings to its customers.
It says its highest quality two carat lab-grown now retails for around just 10 per cent of an equivalent size and quality natural diamond.
Its standard range of lab growns will now retail at $500 per carat, down from $800.
The brand will now have three linear price points, De Beers said in a statement on Friday (10 May).
“$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.
“All stones have a guaranteed minimum ‘very good’ cut and VS clarity, with the DEF stones to feature ‘excellent’ cut.”
Sandrine Conseiller, CEO of De Beers Brands, 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.
“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.”
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