The lab-grown diamond industry in Surat is facing a new wave of challenges as De Beers, the global diamond giant, has announced a significant price reduction for its Lightbox brand. The price of IJ color lab-grown diamonds has been cut by 37.5%, now being offered at $500 per carat.
Sandrine Conseiller, CEO of De Beers Brands, stated that the price reduction is a response to the declining wholesale prices in the jewelry sector. This move aims to ensure that the Lightbox brand remains competitive in the evolving market of lab-grown diamonds. The brand is committed to transparency and maintaining the quality of its lab-grown diamonds produced with 100% renewable energy.
The price reduction by De Beers could further exacerbate the oversupply crisis in Surat, where manufacturers have shifted towards lab-grown diamonds due to a slowdown in the natural diamond trade. Babubhai Vaghani, President of the Lab-grown Diamond Association, expressed concerns about the impact of De Beers’ pricing disruption on local manufacturers.
Surat, a major hub for the diamond industry in India, contributes significantly to the country’s gems and jewelry exports. With De Beers’ strategic pricing decision, there may be a ripple effect leading to further price adjustments and consolidation within the lab-grown diamond sector in Surat.
Industry experts and executives in Surat anticipate the need for new directions and strategies to navigate the challenges posed by the changing dynamics of the diamond market. The upcoming diamond exhibition in Las Vegas is seen as a potential opportunity for the industry to gain insights and explore new possibilities.
