World-famous diamond company, De Beers, attempts to put competitors in the budding lab-grown diamond business out of work by drastically undercutting their prices.
High quality lab grown diamonds look identical to the real thing, but they offer a special appeal to some consumers, especially Millennials, who want stones that are obtained in ethically responsible and sustainable ways.
Diamonds grown in the lab also sell for substantially less. Whereas a mined one-carat diamond might carry a $6,000 price tag, a one-carat lab-grown stone averages $4,200.
However, De Beers prices its Lightbox lab-grown line at an average $800 per carat, hoping to further differentiate lab-grown diamonds from “real” diamonds to preserve their status and appeal and also to drive the competition out of business.
Video Spotlight: Are lab-grown diamonds here to stay? (video is included in the article)
This post is based on The Star Online article, Lab-grown diamonds are forever too!, no author given, January 26, 2019; and the Yahoo Finance article, Lab-grown diamonds will survive Big Diamond’s attempt to kill them, startup says, by Zack Guzman, January 14, 2019. Image source: © McGraw-Hill Education/Charles D. Winters.
1. Why do some customers prefer lab-grown diamonds? Continue reading