Buy a Mined Diamond, Get a Free One-Carat Lab Grown
August 14, 23
(IDEX Online) - A jewelry retailer is giving away hundreds of one-carat lab grown diamonds, pledging it will never sell stones that "will be worthless one day".
Steven Singer Jewelers, based in Philadelphia, USA, is giving away 600 one-carat lab growns with any purchase from its range of mined diamond engagement rings, with a starting price of $548.
To kick things off, the retailer also gave away 100 half-carat stones on a no-purchase-necessary first-come, first-serve basis on Saturday (12 August).
PR-savvy Singer, who built a marketing campaign around the slogan "I Hate Steven Singer", said: "There's been a debate in the industry but I knew anything that can be mass produced infinitely will rapidly lose value, which is exactly what happened as production scaled.
"Lab grown diamond value continues to plummet and I just don't feel right about selling them knowing they will be worthless one day."
The company claims the 600 lab growns they're giving away were worth $3m just five years ago, and have since plummeted in value, though it does not say what they're now worth.
"Nothing says I love you less than a fake diamond," says the company on its website.
"Steve only sells REAL Natural Earth Born Diamondsâ„¢. Steven has never, and will never sell lab grown diamonds, but he WILL give them away for FREE!"
Screengrab from Steven Singer Jewelers' website