Synthetic diamonds not so attractive
Demand for De Beers’ Lab-Grown Diamonds (LGD) is still relatively low, almost two years after they were introduced into the market.
The Group’s Chief Financial Officer – Midstream, Susanne Swaniker-Tettey told the media recently that the demand for synthetics remains low compared to the demand for natural diamonds.
In 2018, the diamond group launched Lightbox which offered a new range of fashion jewellery products containing LDGs at accessible prices.
The objective of the introduction of man-made diamonds, according to De Beers, was to clarify consumer confusion around LDGs, providing clear and transparent information and a differentiated offering from natural diamond jewellery at a different price.
Although response by the public to the Lightbox is described as positive, overall demand is reported to be very low compared to natural ones.
By venturing into the synthetics sector, Tettey said they have seen prices of LDGs going down with the development of the sector which has led to production costs decrease and improvement in consumer education.