A name that’s almost synonymous with diamonds, De Beers is reportedly making a change to its long-held views on the popular gemstones.
A miner since the 1880s, De Beers sells about a third of the world’s diamonds. As man-made gemstones began to grab market share over the years, De Beers has always held to its steadfast position that lab-grown diamonds are neither special nor unique. And apparently, that hasn’t changed, although the company has decided to make them anyway.
In a move which CNNMoney has likened to “if you can’t beat them, join them,” De Beers has announced the launch of Lightbox Jewelry, a line of synthetic stones that will reportedly sell for about a tenth of what a mined diamond would cost.
Accompanying the product line change was a commitment by De Beers to spend $94 million on a factory in Gresham, OR, which it intends to use to support the production of Lightbox products. According to the local news outlet, The Oregonian, the plant will eventually employ about 60 workers.
Natural diamonds are mined after developing for over a billion years in the ground. Alternatively, De Beers lab-grown diamonds are ready for cutting after about 500 hours in a plasma reactor. The company will reportedly make them distinguishable from the real thing by imprinting them with a logo so tiny as to only be identifiable by a jeweler’s magnifying glass.
Experts believe that De Beers experience in developing lab-made diamonds for the industrial space – used for cutting tools, for example –will keep the learning curve at a minimum and also offer cost savings over other brands who don’t have the infrastructure or expertise needed for mass production.
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