De Beers to Sell Lab-Grown Diamonds in Stores

NEW YORK, United States - De Beers jolted the industry last May when it announced Lightbox - a direct-to-consumer subsidiary that sells laboratory-grown diamonds - after years of vehement opposition to man-made stones as jewellery Lab-grown diamonds serve as a potential safety net for De Beers as some consumers, including many young shoppers, turn away from mined jewels as unethical and environmentally harmful De Beers said research shows that its lab-grown stones have not cannibalised rough diamond sales, with the two serving different needs in the eyes of consumers.

Whereas shoppers are likely to choose mined diamonds for engagement rings, man-made alternatives are better suited for "Everyday gifting," said Lightbox Chief Executive Steve Coe Customers see Lightbox' $200 to $1,000 diamond earrings or necklaces as on par with nice handbags or shoes, Coe told BoF These could be "Gifts for teenage daughters, travel jewellery [and other] opportunities that you wouldn't associate natural diamonds with" Diamond Foundry is the largest lab-grown diamond producer in the US.

De Beers, famous for minting the phrase "A Diamond is Forever," railed against lab-grown diamonds when the technology first became commercially popular about five years ago The market for man-made diamonds is slated to exceed $3 billion this year, up from $2 billion last year, according to diamond analyst Paul Zimnisky. . Source