Lab-grown diamond (LGD) jewellery brand Lightbox Jewelry has slashed the prices of its LGDs by more than a third to better reflect market conditions, according to brand owner De Beers Group. 

Lightbox Jewelry, which has followed a linear pricing strategy since its launch in 2018, now has three price points. Its IJ colour stones now cost US$500 per carat while GH colour stones go for US$600 per carat. Its highest-quality stones of DEF colour are now priced at US$900 per carat.

The brand previously charged US$800 per carat for its Standard range of LGDs and US$1,500 per carat for Lightbox Finest stones of higher quality in DEF colours, VVS clarities and excellent cuts. 

De Beers said the price reduction follows months of testing lower prices and researching the LGD jewellery sector.

Noting that the wholesale prices of lab-grown diamonds in the jewellery sector continues to decline, Sandrine Conseiller, chief executive officer of De Beers Brands, said the brand was pleased to pass on these savings to its customers. 

“The price difference between natural and lab-grown diamonds at retail is growing fast, accelerating consumer awareness that they are fundamentally very different products. A Lightbox highest quality two-carat lab-grown diamond now retails for around just 10 per cent of an equivalent size and quality natural diamond,” said Conseiller, adding that the key opportunity in the jewellery sector for LGDs is in fashion jewellery, with lower price points enabling fun and colourful innovations such as the blue and pink Lightbox stones.