Lightbox examined decreased prices inside the fourth quarter 2023 and launched Friday it had formally adopted price cuts all through the board, with the steepest drop coming for its highest-quality gadgets.
It is now selling its “Most fascinating” lab-grown diamonds—D-F color, wonderful scale back, and VS readability—for $900 a carat, 10 % lower than the price provided inside the This autumn trial ($1,000 per carat), and 40 % off the distinctive price of $1,500 per carat.
Prices on I-J color lab-grown diamonds have been scale back 38 %, from $800 to $500 a carat, whereas G-H color stones are going for $600 a carat, down 25 % from $800 a carat.
Even sooner than Lightbox launched it was making its price cuts eternal, its lab-grown diamonds have been priced correctly below the retail frequent, seen commerce analyst Edahn Golan, co-founder of knowledge analytics company Tenoris.
He acknowledged in April, the standard retail price of a 1-carat lab-grown diamond was $1,093, which is 27 % larger than Lightbox was charging for its regular lab-grown diamonds (G-J color and VS readability).
Retailers paid $364 as soon as they purchased that diamond, giving them a 67 % gross margin, he acknowledged.
“It appears to be like De Beers is steady with its effort to pull down lab-grown diamond retail prices by offering them for lots below market prices,” Golan acknowledged, whereas noting that even under the model new pricing, Lightbox stays to be selling correctly above its costs.
“We should always at all times depend on continued lab-grown diamond price declines, significantly considering the huge margins through a variety of the lab-grown diamond pipeline, and the oversupply of merchandise,” he concluded.
Moreover on Friday, Lightbox launched it may now be buying batch top quality verification for its lab-grown diamonds through the Gemological Institute of America.
Lightbox acknowledged GIA will assess a “statistically important” sample in each manufacturing run to verify they meet the lab’s top quality requirements for color, readability, and scale back. A downloadable GIA “top quality verification card” then may be obtainable for each diamond inside the batch.
A GIA spokesperson suggested Nationwide Jeweler that the batch verification service launched Friday. It is a service GIA is providing for Lightbox solely, just because it does pre-owned jewelry authentication for eBay solely.
The service will start with the Lightbox’s D-F color white spherical brilliant-cut unfastened lab-grown diamonds, though it’d develop to the blue and pink lab-grown diamonds eventually.
Lightbox CEO Antoine Borde acknowledged: “Lightbox led the lab-grown diamond jewelry sector six years prior to now with its $800 a carat linear pricing, and, within the current day, we’re comfortable to introduce even lower prices, that additional fastidiously align with current jewelry commerce dynamics.
“Equally, we’re very proud to be working with the GIA to substantiate the usual and consistency of our stones, which helps purchase confidence and permits us to proceed our mission of providing readability, transparency, and price to our shoppers.”