Steven Singer Jewelers Giving Away 100 Lab-Grown Diamonds
The giveaway is part of a new nationwide campaign from the Philadelphia jeweler promoting natural diamonds.
Philadelphia—Steven Singer Jewelers, the Philadelphia retailer known for its creative ad campaigns, has launched a new campaign stating that it has not and will not ever sell lab-grown diamonds.
However, he will give them away.
The jeweler announced Wednesday that a no-purchase-necessary giveaway of 100, half-carat lab-grown diamonds in a first-come, first-serve manner will take place at the store on Aug. 12 from noon to 2 p.m.
The in-store giveaway is happening alongside the jeweler’s new online promotion that gifts a 1-carat lab-grown diamond with the purchase of a natural diamond engagement ring, which the company has branded “Real Natural Earth Born Diamonds.”
The retailer said the total value of the promotion equals what these diamonds would have been worth five years ago, $3 million.
This includes both the 100 half-carat diamonds it is giving away for free at its store this coming Saturday as well as the 600-plus 1-carat lab-grown diamonds that will be given away as a gift with purchase while supplies last.
“Steven Singer Jewelers doesn’t believe in lab-grown diamonds because they lack what makes Real Natural Earth Born Diamonds so special: the incredible formation over millions, if not billions, of years,” store founder and CEO 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.”
Both promotions are part of a national campaign based around Singer’s message that lab-grown diamonds “will be worthless someday.”
Plans to promote the new campaign include radio, digital ads and more of its well-known billboards in locations including Philadelphia; New York; Los Angeles; Chicago; Detroit; Dallas; New Jersey; Fort Myers, Florida; Washington, D.C.; and more.
It also includes a debut TV spot, “Hello Dolly,” available to view on its website.
“Diamonds are definitely a girl’s best friend, just like the famous song. It’s no surprise Marilyn Monroe, Madonna and even Britney have shot videos draped in diamonds, but we’re talking about real diamonds,” Singer said.
Singer isn’t the first to build a promotion around giving away lab-grown diamonds or to make a point about the stones' declining value.
Earlier this year, The Clear Cut launched a Travel Ring program.
For each client that buys a natural diamond engagement ring valued over $20,000, the company provides an alternative ring with a complimentary 2-carat lab-grown diamond. The buyer is only responsible for cost of the setting.
Last year at JCK Las Vegas, lab-grown diamond manufacturer Shinebright USA took note of promotions that offered lab-grown diamonds at 97 to 98 percent off the Rapaport Price List.
Shinebright answered with a promotion where, with a purchase, it offered lab-grown diamonds at “100 percent back.”
Also in recent years, even what seems like the least likely brands, including Panera Bread and Pepsi, have participated in the lab-grown diamond giveaway trend.
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The lab confirmed it did not send the message.