Back in June, when De Beers CEO Al Cook was asked about the future of De Beers' lab-grown diamond brand, Lightbox, at the JCK Jewelry Show, he gave no definitive answer.
He stated, "We will observe how Lightbox develops as a brand and make decisions accordingly."
But today, Lightbox has announced its new fall campaign ("Modern Families"), a revamped visual identity with a fresh, more approachable style, and a new slogan, "Shine Bright Spend Less." This sends a clear message: Lightbox is here to stay!
This remains true despite De Beers shifting its Oregon facility—where most of its diamonds were previously produced—to Element Six for industrial diamond production.
Lightbox CEO Antoine Borde told JCK, "We will stop producing jewelry diamonds in Oregon, but that doesn't mean we will stop innovating or growing the brand."
He continued, "We have enough gemstones to build inventory and design the products we want to launch. When you look at the lab-grown diamond value chain, prices are dropping sharply, and production and the wholesale market aren't where the highest value lies. Building a brand and ensuring we help drive the category is absolutely more valuable."
If Lightbox does run out of diamonds, it may purchase them on the open market, which would differ from its traditional vertically integrated model.
"We'll see what happens," Borde said. "For now, we have enough gemstones for the foreseeable future, and we'll explore different options when needed. Given today’s market and wholesale prices, it’s not something we're overly concerned about. The brand is the priority, and for now, we have what we need."
Lightbox also operates a "white-label" business, producing diamonds for other brands like Pandora. Borde noted that while this won’t be a major focus moving forward, partnerships such as the recent collaboration with The Future Rocks will continue.
Borde emphasized that Lightbox would maintain its current entry-level pricing at $500 per carat, although promotions are frequently offered. The brand also plans to release more variations in cuts and colors, highlighting the significant opportunity in colored diamonds.
On September 27, Lightbox will celebrate its sixth anniversary, and Borde believes the market is finally catching up to Lightbox's initial vision.
“[Fashion jewelry] was our original vision," he said. "And now it’s coming to fruition. When I see Signet saying that LGD fashion is growing in double digits, and Swarovski and Pandora increasingly using lab-grown diamonds in fashion lines, that’s exactly what we’re doing.”
He added, "When everyone else was focused on weddings, we were the only company trying to engage consumers, showing them the opportunities with lab-grown diamonds and offering innovative ways to purchase them."
Looking ahead, Borde believes there's still significant potential in branded lab-grown fashion jewelry.
“There aren’t many players in fashion,” he said. “There’s Swarovski, there’s Pandora—but they aren’t purely engaged in the lab-grown diamond sector. There’s a lot of room to create and grow a brand in this space.”
De Beers also sees the market continuing to diverge.
“Today, consumers are entering the market with lab-grown diamonds because they're so affordable and designs are cool. But it doesn’t carry the same emotional weight as natural diamonds."
"But that doesn’t mean people will exclusively buy one or the other. In many industries, people mix luxury and affordable goods. You might buy a Chanel dress or something from H&M, and wear them at different times. You can buy a $10 mascara from Maybelline for daily use, but when you go out and want to feel more confident, you might buy Lancôme or something more expensive. So, there’s room for both categories."
Source: www.ebooom.com, a global leader in jewelry industry supply chain services.