De Beers Group, one of the largest diamond producing companies in the world, has announced its plans to begin selling lab made diamond jewelry after vowing for years that they would not sell diamonds made in a laboratory. The artificial diamonds will be sold under a new company that was launched today called Lightbox Jewelry, offering consumers the same high-quality jewelry at a fraction of the price. Lightbox launched in the United States and will be available to U.S. based consumers through the Lightbox e-commerce website.
The artificial diamonds are a marketing strategy that targets a younger population and attempts to attract customers who have been hesitant to spend a lot of money on expensive jewelry. Lightbox lab grown diamonds will reail from $200 for a quarter carat stone to $800 for a one carat stone. This is significantly different than the pricing of natural stones, which increase exponentially in price the larger the diamond.
“Lab grown are not special, they’re not real, they’re not unique. You can make exactly the same one again and again,” Bruce Cleaver, chief executive officer of De Beers, said in an interview Tuesday.
The De Beers Group is determined to make the difference between man-made and naturally mined diamonds clear, stating that the man-made diamonds will not be graded in the traditional way.
“We’re not grading our lab-grown diamonds because we don’t think they deserve to be graded,” Cleaver said. “They’re all the same.”
Although De Beers has never sold man-made diamonds, the company is well versed in producing them. Lightbox Jewelry will be the only jewelry brand to source lab-grown diamond from Element Six, a world leader in lab-grown diamond technology owned by De Beers Group. Lightbox Jewelry lab made diamonds of 0.2 carats or above will have a permanent Lightbox insignia inside the stone that is invisible to the naked eye, but easily identifiable under magnification.