Connect with us

Editor's Note

Here Are Some of the Implications of De Beers’ New Lab-Grown Fashion Line

De Beers aims to steer public opinion with Lightbox line.

Published

on

Here Are Some of the Implications of De Beers’ New Lab-Grown Fashion Line

When I left home for my 14th annual Las Vegas Jewelry Week, I expected just another year at the trade shows. Boy, was I wrong!

On May 29, just before the shows, De Beers shocked the industry by unveiling a new fashion line called Lightbox featuring lab-grown diamonds. Reportedly, even sightholders were taken by surprise. 

The language used by Bruce Cleaver, CEO of De Beers Group, in the company’s press release announcement seemed crafted to downplay the appeal of lab-grown diamonds as a luxury product even as it promoted the line as an affordable fashion product, saying that consumers regard lab-grown diamonds as “a fun, pretty product that shouldn’t cost that much” and that it “may not be forever, but is perfect for right now.” He also added that Lightbox would be “a small business compared to our core diamond business.”

This is not the kind of language that a company typically uses to promote its new product line.

The show was abuzz with speculation about what will happen next. Certainly, De Beers is putting price pressure on lab-grown diamond producers, selling its offerings for $800 for a 1-carat stone. It also seems to be attempting to steer public perception by relegating lab-grown diamonds to “fashion” status.

Advertisement

The big question is, how will Lightbox affect your business? Will clients now hesitate to buy lab-grown diamonds for engagement rings, or will this news just add to the category’s momentum? We’d love to hear from you. Send us your thoughts at editor@instoremag.com!

Here Are Some of the Implications of De Beers’ New Lab-Grown Fashion Line

Five Smart Tips You’ll Find in This Edition

  • 1. Track new contacts initiated, how contacts are followed up and amount of face-time and phone-time your salespeople put in. (Ask Instore, p. 61)
  • 2. Base your pricing on rate of sell-through, not just cost. (David Brown, p. 58)
  • 3.< Be sure someone is always available to answer the phone — and not someone who’s with a client. (Shane Decker, p. 63)
  • 4. Post daily to two social media and focus on local hashtags. (The Big Story, p. 38)
  • 5. Take your shop staff on a road trip to examine the workmanship of other stores’ jewelry; bring loupes! (David Geller, p. 56)

Advertisement

SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular