Lightbox begins to offer Lab-Created Diamond Engagement Rings
LIGHTBOX BEGINS TO OFFER LAB-CREATED DIAMOND ENGAGEMENT RINGS
19th June 2023
Lightbox Jewelry, the renowned lab-created diamond jewellery brand owned by the esteemed De Beers Group, has taken a bold step forward by introducing a trial collection of engagement rings. This move marks a significant shift in the company’s stance and demonstrates their commitment to meeting evolving consumer preferences
The exquisite collection comprises 16 captivating pieces adorned with lab-created diamonds, including both classic white and captivating blue varieties. Prices for these magnificent creations range from $AU895 to $AU8,950, ensuring accessibility for a wide range of budgets. In their pursuit of excellence, Lightbox Jewelry aims to gauge consumer sentiment in the lab-created diamond engagement ring segment through this modest yet purposeful in-market test.
When Lightbox was launched by De Beers in 2018, Bruce Cleaver, the esteemed CEO of the mining company at the time, introduced lab-created diamonds as a product that may not possess the eternal nature of natural diamonds but perfectly captures the essence of the present moment. Joshua Freedman of Rapaport News astutely notes that Cleaver “dismissed any emotional value in lab-created diamonds due to their lack of uniqueness” and initially considered grading unnecessary. However, Lightbox later introduced the Finest line, featuring diamonds larger than one carat, and promptly began disclosing the cut quality, color, and clarity of their diamonds.
In a recent interview with JCK Online, the visionary CEO of Lightbox Jewelry, Antonie Borde, emphasized the pivotal role of consumer sentiment in shaping the brand’s future decisions regarding engagement rings. Borde acknowledged the overwhelming demand from their loyal clientele, who eagerly inquire, “When will you offer engagement rings?” Borde revealed that the loose stone business of Lightbox has thrived, hinting that these diamonds might find alternate applications outside of the Lightbox brand. While he refrained from providing a definitive answer, he reiterated the brand’s unwavering commitment to listening attentively to the desires and demands of their esteemed consumers.
An analysis conducted by Tenoris, focusing on the US jewellery market, reveals a noteworthy trend: the average retail price of lab-created diamonds declined by 9.6 percent in May compared to April. Edahn Golan explicates this peculiar phenomenon, stating that the anticipated equation of rising demand driving prices higher does not hold true for the lab-created diamond sector. Instead, an oversupply of these remarkable gems has resulted in a reduction in prices. This, in turn, has compelled industry intermediaries to swiftly sell their inventories to prevent further erosion of prices. Ironically, this urgency to sell has inadvertently led to a further decline in prices.
Meanwhile, sales of natural diamonds continued their downward trajectory in May, experiencing a substantial decline of 16.5 percent in units sold when compared to the same period the previous year. Furthermore, the overall value of sales plummeted by a staggering 20.6 percent, underscoring the persisting decline in sales over the course of the past year.
As Lightbox Jewelry boldly ventures into the domain of lab-created diamond engagement rings, their efforts mirror the ever-changing landscape of consumer preferences. By listening intently to the desires of their clientele and heeding the call for enchanting engagement rings, Lightbox Jewelry exemplifies their commitment to providing captivating, high-quality jewellery that resonates with the modern sensibilities of today’s discerning consumers.