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 Diamonds. Steven has never, and will never sell lab grown diamonds, but he WILL give them away for FREE!”