De Beers’ Lightbox ends its lab-grown engagement ring trials to focus on other prospects

An observation that De Beers made with regard to the lab-grown diamond sector was that the commercial aspect or the retail offers made on LGD engagement rings would not be sustainable for retailers

Lightbox, the lab-created jewellery brand from De Beers, said that has ended its engagement ring trial, citing that the brand will instead focus on alternative prospects in the industry. This will entail seeking opportunities in fashion jewellery or loose stones that can be purchased at affordable price points. During the engagement ring test, De Beers studied the consumer’s perceptions associated with the brand and also the changing retail landscape, which then led them to conclude the trials.

Another observation that the company made with regard to the lab-grown diamond sector was that the commercial aspect or the retail offers made on LGD engagement rings would not be sustainable for retailers since they would need to increase or double the number of lab-grown diamond carats sold every two years to maintain the total profit of their business.

Al Cook, Chief Executive Officer, De Beers Group, said, “Natural diamonds have remained icons of love for centuries. And De Beers’ advertising has remained iconic over the decades. By investing ahead of the holiday season, we aim to support the industry, drive consumer demand and underline our confidence in the future of the diamond dream.”

According to De Beers, four times as many consumers of luxury jewellery said that they would prefer natural diamonds for special occasions over lab-grown diamonds. More than three and a half times as many consumers said that they would feel proud wearing natural diamonds in comparison to those who would feel proud wearing LGDs.

As per recent consumer survey data from De Beers, regions such as the USA and China see natural diamonds among the top three preferred luxury items that women aspire to own. In the USA, natural diamonds are considered to carry significant meaning by four out of five women, especially when it comes to marking important occasions such as engagements, weddings and so on. However, in the case of purchasing lab-grown diamonds and LGD engagement rings, the primary motivation is pricing.

Retail Jeweller World News