De Beers Group’s lab created jewellery brand Lightbox has confirmed that it has concluded its engagement ring trial.
Through the test, the company evaluated consumer perceptions of LGDs as well the changing landscape.
De Beers said that Lightbox will continue to focus on where it sees the “most promising” future opportunities in the sector – in fashion jewellery and in loose stones at accessible price points – and will not sell LGD engagement rings.
In addition, the test of the engagement ring confirmed that existing insights in the LGD industry indicate that many LGD engagement offers are not sustainable, as retailers need to sell twice as much LGD every two-years to maintain the same absolute gross margin.
De Beers’ most recent consumer survey data for the US and China sees natural diamonds ranked in the top three most desired luxury items for women to acquire.
In the US, four in five women see natural diamonds as carrying “significant meaning” to mark an important moment in a relationship, while the primary motivation for LGD purchases is price.
De Beers reported that luxury jewellery purchasers would prefer natural diamonds to LGDs on special occasions four times over. They also said more than three-and a half as many people would be proud of wearing natural diamonds in comparison to LGDs.
Al Cook, CEO of De Beers Group, said: “Natural diamonds have remained icons of love for centuries. De Beers’ advertising has been iconic for decades. By investing ahead of the holiday season, we aim to support the industry, drive consumer demand and underline our confidence in the future of the diamond dream.”