Lightbox will transform the lab-grown diamond sector by offering consumers a lab-grown product they have told us they want but arent getting: affordable fashion jewelry that may not be forever, but is perfect for right now, saidBruce Cleaver, the CEO of De Beers Group, in a statement.For De Beers the trick is walking a fine line between acknowledging that theres no real difference between the lab-grown products its shilling and the higher-end stones that it mines without making the jewelry come off as sounding cheap.Its also a bid to undercut the legitimacy of competitors that are trying to impinge on De Beers high-end turf.Source: Lightbox JewelryOur extensive research tells us this is how consumers regard lab-grown diamonds as a fun, pretty product that shouldnt cost that much so we see an opportunity here thats been missed by lab-grown diamond producers.
Lab-grown diamonds are a product of technology, and as weve seen with synthetic sapphires, rubies and emeralds, as the technology advances, products become more affordable, Cleaver continued.That quote cuts to the heart of De Beers problem, which could mean the end of its diamond days.
De Beers wants the lab-grown business delegitimized so it can hold on to core profits, but once it starts down the path, theres a danger that it could just be seen as a maker of cheap jewelry for the mall crowd set.In any event, De Beers own lab-grown jewelry business didnt come cheap.
Emerging from the research work that the firm had done on diamond products for other industries through its Element Six subsidiary, the new Lightbox line of gems will also require an additional $94 million investment for a new facility outside of Portland, the company said.Weve 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, saidSteve Coe, Lightbox Jewelrys general manager, in a statement.Technically, lab-grown diamonds only differ from natural diamonds in that theyre made in a lab.
Differences in the physical composition of the stones are nearly undetectable.
Its one reason why De Beers is etching a Lightbox logo into its stones, invisible to the naked eye but easily identified under magnification.As Ariel Baruch, a jeweler at a company that sells lab-grown diamonds, told Popular Science, If anyone tells you they can tell the difference without the machine, theyre lying.