Diamond miner De Beers has launched a new company called Lightbox Jewellery that will begin marketing a new brand of laboratory-grown diamond jewellery designs at lower prices than existing lab-grown diamond offerings.

Lightbox’s lab-grown diamonds will retail from $200 for a 0.25 ct stone to $800 for a 1 ct stone. The line will bring something new and innovative to the jewellery sector, featuring pink, blue and white lab-grown diamonds in a selection of accessibly priced earring and necklace designs, De Beers said in a statement issued on Tuesday.

“Consumers regard lab-grown diamonds as a fun, pretty product that should not cost too much, so we see an opportunity here that has been missed by lab-grown diamond producers.”

“Lab-grown diamonds are a product of technology, and as we have seen with synthetic sapphires, rubies and emeralds, and as the technology advances, products become more affordable,” commented De Beers Group CEO Bruce Cleaver.

He added that, after decades of research and development investment, the company is able to offer consumers a better price.

“While it will be a small business compared with our core diamond business, we think the Lightbox brand will resonate with consumers and provide a new, complementary commercial opportunity for De Beers Group,” Cleaver highlighted. 

Lightbox Jewellery GM Steve Coe explained that there is often confusion about lab-grown diamonds – what they are, how they differ from natural diamonds and how they are valued.

“Lightbox will be clear with consumers about what lab-grown diamonds are and will offer straightforward pricing that is consistent with the true cost of production,” he affirmed.

Lightbox will launch in the US and will initially be available to US-based consumers through the Lightbox e-commerce website, with retail partnerships to be announced in due course.

De Beers Group is investing $94-million over four years in a new production facility to be established by its subsidiary Element Six near Portland, Oregon. Once fully operational, the plant will be capable of producing upwards of 500 000 ct of rough lab-grown diamonds a year.

Element Six already has facilities in the UK.