“Lightbox Jewelry to be stocked by retailers - Jeweller Magazine” plus 1 more

Lightbox Jewelry to be stocked by retailers - Jeweller Magazine

Posted: 17 Oct 2019 12:00 AM PDT

Lightbox Jewelry is now testing a bricks-and-mortar retail strategy in the US.

Posted October 17, 2019 | By Arabella Roden • Assistant Editor

De Beers has announced its synthetic diamond jewellery brand, Lightbox Jewelry, will soon be available at US retailers Bloomingdale's and Reeds Jewelers.

Lightbox was launched in September 2018 and manufactures pendant necklaces, stud earrings, bracelets and stacking rings set with synthetic pink, blue and white diamonds, priced uniformly at $US800 per carat.

Previously, the range was only available to purchase through the Lightbox website and retail 'pop-up's, the most recent of which was held in September in Miami, Florida.

Now, as part of a 'trial run' that could last up to six months, the jewellery is set to be stocked at selected Bloomingdale's locations and in 30 Reeds Jewelers stores, as well as on the e-commerce websites of the two retailers.

Bloomingdale's is a luxury department store, while Reeds Jewelers is an independent, family-owned jewellery chain.

As part of the deal, the Lightbox pieces must be displayed separately from natural diamond jewellery, and clearly marked as being set with synthetic stones.

Steve Coe, CEO Lightbox, said, "We have talked to many consumers since launch, and it's clear that they are interested in fashionable, affordable lab-grown diamond jewellery, which is not currently available in store."

Coe added that the initial retail partnerships were designed to test demand and to discover more details about the types of consumers who purchase synthetic diamond jewellery.

He added that a "positive response" from customers would prompt the business to explore "further expanding distribution" to retailers.

While Canadian consumers can currently purchase Lightbox through its website, no other plans for international shipping or retail have been announced.

More reading:
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Women spend more on diamond rings than men: De Beers - Jeweller Magazine

Posted: 04 Nov 2019 12:00 AM PST

De Beers' annual diamond report has revealed details of consumer behaviour and marketing opportunities.

Posted November 04, 2019 | By Arabella Roden • Assistant Editor

Diamond mining company De Beers has released its annual Diamond Insight Report, reflecting on the state of the industry over the past 12 months.

The report concludes that while consumer demand for diamonds remained strong in 2018, challenges in the midstream – including tightening financial regulations and a surplus of smaller polished diamonds, as well as currency depreciation – caused problems.

Rough production increased by 1 per cent for the year, surpassing estimates of a 3 per cent reduction.

The report also explored the changing meaning of diamonds to consumers, noting opportunities for marketing the stones as an 'expression of modern love' outside of traditional engagements.

Commitment diamonds, partner gifting before and during marriage or while co-habiting, and gifting between same-sex couples were specifically emphasised.

Diana Mitkov, senior insight and analytics manager De Beers, said, "There are many more opportunities for the diamond industry to help consumers express love beyond celebrating these traditional milestones. We should stop talking about 'bridal' and talk instead about love and commitment."

Still, the company's research found that 72 per cent of US brides receive a dia-mond engagement ring; additionally, the share of US women buying their own engagement ring has doubled to 14 per cent in just five years. Women who bought their own ring spent, on average, 33 per cent more than men.

In China, 47 per cent of brides now have a diamond engagement ring; it was less than one per cent in 1990, according to De Beers.

Nearly three-quarters of US individuals in same-sex relationships viewed diamonds as 'important in celebrating life's special events'.

De Beers found that branded jewellery is becoming increasingly important for engagement and commitment gifting – particularly in the Millennial and same-sex couple segments.

As a result of the report's findings, De Beers will launch new advertising campaigns aimed at the US and China and increase its $US170 million ($AU245 million) annual marketing budget, including an extra $US10 million ($AU14 million) allocated to advertising during the remainder of 2019.

The report was published after De Beers released its cycle eight results, which reflected the continued downward trend in rough diamond sales over 2019. When compared with the same period last year, revenue fell 39 per cent, from $US482 million ($AU696 million) to $US295 million ($AU426 million).

More reading:
Melee malaise: is marketing the only solution for the diamond industry?
The white diamond report: evolution and survival
The trends shaking up the engagement and bridal jewellery industry