De Beers slashes price of lab-grown diamonds by nearly 40%
NY Post
Diamond giant De Beers slashed the price of its lab-grown rocks by nearly 40%, citing their plummeting wholesale prices, the London-based company said Friday.
The man-made gems, which have gained in popularity with frugal diamond buyers, were reduced in price to $500 a carat from $800 — a 37% discount.
De Beers, which makes the lab-grown rocks under the Lightbox brand and is also the largest producer of natural diamonds, said the lower cost will be a “permanent reduction.”
For many years, De Beers had fought the trend towards LGDs, disparaging their quality. But in 2018 it shocked the industry when it launched Lightbox and two years later opened a $94 million manufacturing facility in Gresham, Ore.
De Beers’ bottom line has taken a hit over the past couple of years as LGD sales grew exponentially, while sales of natural diamonds declined.
In January, the company reduced the price of natural diamonds by 10% to revive sales.
