30th May 2018 09:31
LONDON (Alliance News) - De Beers Group on Tuesday said it is to start selling laboratory-made diamonds via a new company called Lightbox Jewelry.
De Beers, a subsidiary of Anglo American PLC, said the business will start in September selling diamonds at USD200 for a quarter-carat stone to USD800 million for a one-carat rock.
It is to launch in the US, with retail partnerships to be announced "in due course". To support the new business De Beers is to plough USD94 million into a new production facility in Portland, Oregon, capable of producing around 500,000 rough carats of diamonds a year.
Chief Executive Bruce Cleaver said: "Lightbox will transform the lab-grown diamond sector by offering consumers a lab-grown product they have told us they want but aren’t getting: affordable fashion jewelry that may not be forever, but is perfect for right now.
"Our extensive research tells us this is how consumers regard lab-grown diamonds – as a fun, pretty product that shouldn't cost that much – so we see an opportunity here that's been missed by lab-grown diamond producers."
Anglo American shares were down 1.0% on Wednesday morning in London at 1,735.40 pence each. Johannesburg-listed shares were down 1.7% at ZAR290.07.
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