MARKET INTELLIGENCE 56 | JNA September/October 2022 Moreover, the brand enjoys a high level of repeat purchase, with around 25 per cent of sales going to existing customers who already own multiple Lightbox jewellery pieces, Smart continued. The Future Rocks meanwhile approaches its market in terms of psychographics, rather than demographics. Tsang describes the platform’s customers as having an appreciation for lifestyle, fashion and jewellery. They are willing to spend on things they like and want to look and feel good in general. “In terms of earning power, they are middle to upper class. Age is not a restriction, whether they are a Gen Z, millennial or a mature individual. Our target is anyone who appreciates interesting and innovative jewellery with lab-grown diamonds and new materials,” he said. Demand shifts Growing consumer appetite for LGDs is driving Lightbox to enhance its capabilities. The output of its plant in Gresham, Oregon is being increased from the current 200,000 carats of polished diamonds annually to 300,000 to 350,000 polished carats per annum with the potential for further expansion. The brand also introduced new products last year in response to customer demand. Now available are larger LGDs of up to two carats, following the same pricing logic of US$800 per carat. And its new Lightbox Finest jewellery line features higher-quality stones in DEF colours, VVS clarities and excellent cuts as requested by its clients. These cost US$1,500 per carat. “There is definitely demand in the market for a more premium product. A segment of the market is willing to spend a bit more money for top-end quality,” Smart disclosed. “Lightbox Finest also allows our retailers that are selling high-end fine jewellery to reach a new customer who is willing to spend US$2,000 as opposed to US$10,000 or US$20,000. They get to tap a new segment, bring more people into the stores and get incremental sales.” Lightbox Loose Stones meanwhile allows customers to buy LGDs and have these set by their own designers or favoured manufacturers. The product was initially launched as a trial for the online platform but was quickly rolled out to the brand’s retailers. Smart explained that customers had been requesting for loose stones so they could participate in the design and creative process. “While we are confident of producing high-quality stones, we acknowledge that, as a brand, we cannot give everyone what they want in terms of design and produce this at scale. Lightbox Loose Stones is a good opportunity for customers to work with their local jeweller or preferred craftsman or designer in using our high-quality stone to create exactly what they want,” he said. Growth areas Smart sees tremendous opportunity in the LGD space from the design perspective. Designers, he said, could be inventive and creative with lab-grown diamonds in ways they could not consider with more expensive materials. “The ability to grow the product in a lab offers all sorts of design possibilities, be that colour, shape and size. There is far more control over the product that enables greater creativity,” he shared. Lightbox Loose Stones Nick Smart, commercial director, Lightbox Lightbox商务总监Nick Smart
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