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New product, new market - De Beers' Lightbox Jewelry

Lab-grown diamonds can create new opportunities and, according to SALLY MORRISON, allow jewellers to compete with other fashion categories.

The Lightbox brand is born from research conducted over the past couple of years by De Beers Group. We learned from consumers that there was great confusion about exactly what laboratory-grown diamonds were, and this was exacerbated by non-standardised nomenclature, pricing, and in some cases, concerns about non-disclosure of the product.

Once they understood what laboratory-grown diamonds are, it became clear to us that the consumer interest in lab-grown product was for attractive, accessibly priced jewellery as a decorative accessory rather than a lasting symbol of a major milestone moment.

"Our product is many things: sparkly, colourful and fun. However, by definition, it’s not rare."

After careful consideration and market analysis it was decided to launch a jewellery brand that would be transparent, made to the highest quality, and pitched to celebrate the multiple moments that happen with frequency in a woman’s life, but do not connote “forever”.

This means that we are specifically not targeting the engagement market.

Lightbox uses a US$800 a carat linear pricing model, regardless of whether this is a one carat stone, two half carats, or four quarter carat stones. To this we add a setting cost of US$100 for silver and US$200 for 10k gold.

The De Beers’ name will not appear in Lightbox advertising and promotions, and the brand will not be marketed as conflict-free or eco-friendly.

We are regularly asked why the pricing model is linear and not similar to natural diamond pricing?

Our reasoning is simple: this is a manufactured product and we firmly believe lab-grown stones should be priced based on cost of manufacture, not as a discount from natural diamond pricing, which is defined by relative rarity.

Our product is many things: sparkly, colourful and fun. However, by definition, it’s not rare.

We can manufacture more of it every day.

Lightbox diamonds will not be graded, as we do not believe grading is relevant for lab-grown product because it can be manufactured consistently, over and over again. In order to ensure that our product is easily identifiable all stones above 0.2-carat will be laser inscribed using innovative new technology.

Importantly, we believe that the Lightbox brand can help define and build a new market for the jewellery sector: and which will allow jewellery to compete with other products, including purses, shoes, and other accessories.

It offers women the opportunity to buy themselves attractive and appealing jewellery that doesn’t have the deep emotional implication of natural diamonds, which we know has often been a barrier for self-purchases.

For example, Lightbox can be offered for new occasions such as Galentine’s Day (Valentines Day celebration for single women), travel jewellery and can potentially re-invigorate existing celebrations such as Sweet Sixteen or Quinceanera (a celebration of a girl’s 15th birthday in Latin cultures) for a new generation of consumers.

In a consumer category that has a constant need for ‘new news’ to invigorate sales, Lightbox offers an entirely new product: pink and blue laboratory-grown diamonds, which most of us have never seen, much less hoped to wear. And above all, it looks great.

We have launched in the US via our own website selling direct to consumer, and for now that remains our focus.

We plan to test the product in limited bricks and mortar stores in 2019 and beyond that, we’ll see!

 

WATCH VIDEO: LIGHTBOX'S LAB-GROWN PROCESS


'The Great Diamond Debate' Contents » 

Innovation vs Disruption: Spectators don't win games
Coleby Nicholson, managing editor of Jeweller
 
Diamonds and Youth: Millennials and Gen Z drive sales
Predicting a synthetic future
Garry Holloway, owner Holloway Diamonds
Lab-created diamond jewellery market to grow to US$15B by 2035
Paul Zimnisky, paulzimnisky.com - indepdendent analyst

 











ABOUT THE AUTHOR
Sally Morrison

Chief Marketing Officer • Lightbox


Sally Morrison is Lightbox’s chief marketing officer and has previously held senior marketing roles at World Gold Council (LoveGold), Gemfields and Forevermark.









Sunday, 16 December, 2018 07:18am
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