LIGHTBOX LOWERS ITS LAB-GROWN DIAMOND RETAIL PRICES BY MORE THAN A THIRD

De Beers Group's LGD brand reduces pricing to reflect price declines in the LGD jewellery sector, with prices now starting at $500 per carat

MUMBAI, India, May 14, 2024 /PRNewswire/ -- De Beers Group's wholly-owned lab-grown diamond jewellery brand, Lightbox Jewelry, today announced a permanent price reduction to as low as $500 per carat, from a previous price of $800 per carat, for the brand's Standard range of lab-grown diamonds.

The price reduction follows months of testing lower prices and researching the lab-grown diamond jewellery sector. The brand will now have three linear price points — $500 per carat for IJ colour stones, $600 per carat for GH colour stones and $900 per carat for the highest quality stones of DEF colour, reduced from $1,500 per carat. All stones have a guaranteed minimum 'very good' cut and VS clarity, with the DEF stones to feature an 'excellent' cut.

Sandrine Conseiller, Chief Executive Officer of De Beers Brands, said: "The wholesale prices of lab-grown diamonds in the jewellery sector continue to decline, and we are pleased to pass on these savings to our customers. These lower prices will ensure that the brand remains competitive within this fast-evolving sector, while continuing to offer high quality lab-grown diamonds produced with 100 per cent renewable energy. Lightbox has always been committed to linear pricing, reflecting the linear cost of production, and to being transparent about what lab-grown diamonds are — and just as importantly — what they are not.

"The price difference between natural and lab-grown diamonds at retail is growing fast, accelerating consumer awareness that they are fundamentally very different products. A Lightbox highest quality two carat lab-grown diamond now retails for around just 10 per cent of an equivalent size and quality natural diamond¹. This price evolution supports our long-held view that the key opportunity in the jewellery sector for lab-grown stones will be within fashion jewellery, with lower price points enabling fun and colourful innovations, such as the blue and pink Lightbox stones. We believe that it is vital that jewellery consumers understand that lab-grown diamonds are a distinct product category, as they do not have the same enduring value as natural diamonds."

¹ Based on average retail price of 2 carat round natural diamond based on Edahn Golan Tenoris data March 2024, Tenoris. BI. Note: Based on independent retail sales data by 1,300 US jewellery stores.

About De Beers Group

Established in 1888, De Beers Group is the world's leading diamond company with expertise in the exploration, mining, marketing and retailing of diamonds. Together with its joint venture partners, De Beers Group employs more than 20,000 people across the diamond pipeline and is the world's largest diamond producer by value, with diamond mining operations in Botswana, Canada, Namibia and South Africa. Innovation sits at the heart of De Beers Group's strategy as it develops a portfolio of offers that span the diamond value chain, including its jewellery houses, De Beers Jewellers and De Beers Forevermark, and other pioneering solutions such as diamond sourcing and traceability initiatives, Tracr and GemFair. De Beers Group also provides leading services and technology to the diamond industry in the form of education and laboratory services via De Beers Institute of Diamonds and a wide range of diamond sorting, detection and classification technology systems via De Beers Group Ignite. De Beers Group is committed to 'Building Forever', a holistic and integrated approach for creating a better future — where safety, human rights and ethical integrity continue to be paramount; where communities thrive and the environment is protected; and where there are equal opportunities for all. De Beers Group is a member of the Anglo American plc group. For further information, visit www.debeersgroup.com.

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