Surat’s lab-grown diamond (LGD) segment faces a significant challenge as De Beers has announced a substantial price cut for its Lightbox LGD brand. On May 10, De Beers Group’s Lightbox Jewelry revealed a permanent price reduction, lowering the cost of its Standard range of lab-grown diamonds from $800 to $500 per carat.

In a media statement on May 10, Sandrine Conseiller, CEO of De Beers Brands, stated, “The wholesale prices of lab-grown diamonds in the jewelry sector continue to decline, and we are pleased to pass on these savings to our customers. These lower prices will ensure that the brand remains competitive within this fast-evolving sector while continuing to offer high-quality lab-grown diamonds produced with 100 percent renewable energy. Lightbox has always been committed to linear pricing, reflecting the linear cost of production, and to being transparent about what lab-grown diamonds are – and just as importantly – what they are not.”

The price reduction follows months of testing and research within the lab-grown diamond jewelry sector. Lightbox Jewelry will now offer three linear price points: $500 per carat for IJ color stones, $600 per carat for GH color stones, and $900 per carat for the highest quality DEF color stones, reduced from $1,500 per carat.