【Japan】What’s Next for the Synthetic Diamond Market in Japan? Interview with ENEY’s Business Manager on the Current State and Future of the Lab-Grown Market

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Editor’s Note

This article examines the closure of De Beers’ Lightbox brand, a significant development in the lab-grown diamond sector. While Lightbox did not operate in Japan, its story highlights the rapid price volatility affecting the broader market, a trend also influencing the growing presence of lab-grown diamonds in Japanese jewelry.

The End of Lightbox and the Japanese Market

De Beers’ lab-grown diamond (synthetic diamond, hereafter referred to as lab-grown) jewelry brand “LIGHTBOX” is ending. The brand was launched in 2018. While it initially priced its diamonds at $800 per carat (approximately 110,000 yen), it can no longer continue due to the sharp decline in lab-grown diamond prices. Although it was not sold in the Japanese market, jewelry using lab-grown diamonds has been increasing in Japan in recent years. We interviewed ENEY, which develops lab-grown jewelry, about the current state of lab-grown diamonds in Japan.

ENEY’s Growth and Consumer Perception

The jewelry brand “ENEY,” launched in 2021, was one of the first in Japan to propose jewelry using lab-grown diamonds. It is a brand highly supported by fashion-forward stylists and others, and its sales have been growing year by year. Shigeru Shimada, Manager of the Startup Business Section, Business Development Department at Matsuya Ginza, which handles the brand, said:

“Sales have increased by 40% for three consecutive years since launch, and recently by 30%, showing strong performance.”

While the brand has sold many pieces featuring lab-grown diamonds since its debut, many fans purchase them primarily for the design rather than the fact that they are lab-grown.

“When the brand was launched, awareness of lab-grown diamonds was low, but now almost everyone who wears jewelry knows about them, and there is no negative impression at all,” said Manager Shimada.
Price Decline for 1 Carat and Above; Minimal Impact on Japanese Market

ENEY sources its lab-grown diamonds from China and India. Manager Shimada stated:

“As demand for lab-grown diamonds increased, more companies emerged and production scaled up. There is a global market price, and there are also portal sites for wholesalers.”

Regarding the impact of the LIGHTBOX brand closure, he said:

“There is almost no impact on the Japanese market.”

This is because most lab-grown diamonds used in the Japanese market are under 1 carat. For melee diamonds (0.1 carat or less), the size is so small and polishing is labor-intensive that the market price is almost the same for natural and lab-grown stones.

“The main diamond market in the US is for stones 1 carat and above. The price of lab-grown diamonds 1 carat and above has fallen, now about one-third of what it was four years ago. Natural diamond prices have also dropped slightly in tandem,” said the manager.

In reality, a significant price difference between natural and lab-grown diamonds currently appears for stones 0.3 carats and above.

Potential as an Engagement Ring Option

ENEY’s collection using lab-grown diamond rough stones, released in September 2024, was very well received. It was sold as rings combining 10-karat gold with synthetic diamonds containing inclusions, ranging from 1 to 4 carats. Manager Shimada explained:

“By deliberately offering stones that look natural, we wanted people to understand that lab-grown diamonds also come in various grades.”

Recently, engagement rings using synthetic diamonds have been performing well. Popular items combine a 0.5-carat lab-grown diamond with 18-karat gold or platinum, priced around 320,000 yen.

“While the brand is known among fashion enthusiasts, an increasing number of young people are choosing engagement rings based on a balance of design, stone, and price,” said Manager Shimada.

There are also customers visiting from regional areas, with many sales finalized on weekends. ENEY plans to continue strengthening its bridal offerings.

Brand Power is Essential as the Market Expands Differently from Natural Diamonds

In addition to strengthening engagement offerings, the brand plans to release collections using larger lab-grown diamonds.

“We want to propose a range from pieces using platinum or 18-karat gold to more accessible price points using silver.”

Since the stones are larger, rings will be the focus, but ear jewelry like piercings is also being considered.

“Because prices for larger sizes have dropped, we can make new proposals, and I see this as a positive trend.”

Large diamonds, once out of reach for the average consumer, become purchasable if they are lab-grown.

“AI has emerged in recent years, and the world is changing rapidly. People are getting used to that change and are perceiving lab-grown diamonds with a similar sensibility as AI. If you can enjoy the same quality as natural at a lower price, there’s no need to reject it.”

Manager Shimada predicts that the lab-grown diamond market in Japan will further heat up and expand.

“I think more brands using lab-grown diamonds will emerge as a new option, and it will establish itself as a market separate from natural diamonds.”

Within that, what will be required is brand power, according to the manager.

“As consumer values diversify regarding the material’s intrinsic value, design, etc., persuasive brand power will be necessary to be chosen.”
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⏰ Published on: June 10, 2025