Mining Company De Beers Adopts New Marketing Strategy by Producing Manmade Diamonds

If you always wanted a diamond but didn’t have the means to buy one, you might soon get the chance to acquire one. De Beers Group, the biggest American diamond mining company, has found a strategy to attract customers. It’s going to produce manmade diamonds that will have a more affordable price than the natural ones.

The manmade diamonds are created in a lab

On Tuesday, De Beers Group announced it would found a new line of production called Lightbox Jewelry. Instead of mining natural gems, this line will produce manmade diamonds in a laboratory. This comes to the great advantage of the customers, as the gems will be a lot cheaper. For instance, a stone of a quarter carat should cost you about $200, while a full carat gem is about $800.

This is quite a great marketing strategy for De Beers. Both natural and synthetic stones are quite expensive, as the producer needs to cover all the costs to bring the stone to its current form. As a result, some natural one carat diamonds can cost well over $5,000. However, getting manmade diamonds that look just like the real thing but are a lot cheaper should sound great for a bigger range of customers.

Younger people no longer buy expensive diamonds

Of course, manmade diamonds won’t last forever You won’t be able to wear such jewelry for decades, but it’s perfect if you need something quick and pretty. De Beers has run a research on the market and looked at the interests of the customers. These people do not always want something durable, but more in something that looks nice and is affordable.

De Beers is part of an international mining company, Anglo American plc. Their financial situation wasn’t too bad as, last month, they gathered diamond sales worth $550 million. However, a change was necessary to suit the shifting market. Young people are no longer interested in spending money on jewelry. Therefore, manmade diamonds are the perfect solution both for the present and for the future.

Image source: Flickr

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