Are The Cost Savings Of Buying A Lab-Grown Diamond Worth It?
Is it wedding bells we hear? Finding the love of your life and settling down together is a dream come true for many people. But for young adults in Singapore, the sky-high costs of living means that finding the right person is merely the first step.
If saving up for a wedding, honeymoon, and a new home rank at the top of your priorities right now, you want to make sure your every purchase is well worth it. At Love & Co., we hear you, and that’s why we are excited to be one of the first jewellers in Singapore to offer you another option for your wedding rings: lab-grown diamonds!
As a more affordable option than natural-mined diamonds, lab-grown diamonds have been mistakenly perceived as lower in quality, beauty, and authenticity. But none of that is true! In fact, we’re here to tell you some reasons why lab-grown diamonds are worth every cent you pay for it – and more.
Substantial cost savings
First, let’s just talk about the price itself. There’s no argument about it – upon purchase, lab-grown diamonds are significantly cheaper than natural mined diamonds, at 40 to 50 per cent the price of a natural mined diamond of the same size and quality.
Now, for various reasons, some people may be concerned about the resale value of their diamond purchase. While this is not the place to go in-depth about how to invest in diamonds, we do recognise that the climate for resale of lab-grown diamonds is currently still quite fuzzy. But let’s make some estimates here.
Suppose someone – let’s call him Alex – purchases a shiny, new 1-carat natural mined diamond for $10,000. On the same day, his friend, Brian, spends $4500 on a 1-carat lab-grown diamond that is graded equally well on all aspects of the 4Cs.
Then, 10 years later, Alex and Brian wish to sell off their diamonds. Fortunately, Alex finds a buyer who is willing to give him 20% of the original price of the natural mined diamond, so Alex receives $2000 for the transaction. On the other hand, Brian can’t find a willing buyer for his lab-grown diamond.
At the end of the day, Alex’s nett spending is $8000 on the natural mined diamond, while Brian’s nett spending remains at $4500. Now, you decide – who’s the winner here?
The same, high quality diamond
At this point, the discerning consumer in you might be thinking: Am I getting the shorter end of the stick in terms of product quality, since lab-grown diamonds are priced so much lower? Forget diamond simulants like cubic zirconia and moissanite – lab-grown diamonds are as real as diamonds get. International certifying bodies for diamonds, like GIA and IGI, recognise lab-grown diamonds as actual diamonds, and grade them in the same way as they would any other diamond. Just take a look at the properties of a natural mined diamond as compared to a lab-grown, and you’ll see what we mean.
To help you wrap your head around how lab-grown diamonds can possibly be real, here is a parallel example to get you thinking. We don’t give second thoughts to the vegetables we eat, the flowers we get from the florist, the herbs in our food, or the ginseng soup we enjoy once in a while. In fact, most of these are specially cultivated in farms where the conditions are optimised for these crops to grow. Yet, we never doubt if these plant products are ‘real’.
Lab-grown diamonds are just like farmed goods. Although they were ‘farmed’ through human-induced conditions, the product itself is still the real thing. Lab-grown diamonds start off from a diamond seed, and are made to grow by subjecting carbon compounds to the right heat and pressure conditions. In essence, human’s involvement merely speeds up the process, but the resultant product is truly, undeniably, still genuine.
Spend on experiences, not things
Of course, the most obvious way to make use of the lower costs you enjoy on lab-grown diamonds is to channel them to get a larger diamond or more lavish ring designs. With the price of lab-grown diamonds, now you can get your hands on that platinum ring you’ve been eyeing.
Additionally, in an era where people believe that it is more worth it to spend on experiences rather than items, we cannot overlook the intangible benefits that purchasing a lab-grown diamond gives. For example, spending on more economical diamond wedding rings means a little more to spend on your wedding or honeymoon to make for memories that will last a lifetime.
When you make such a big-ticket purchase, you also want to feel good about it. Just like how animal rights activists won’t hesitate to support vegan leather products over real leather, your decision to go for the more ethical, sustainable diamonds will mean less guilt and a step forward for sustainability.
So, if you’re looking for wedding rings or diamond engagement rings in Singapore, we hope you bear in mind that the friendly price tag of lab-grown diamonds is by no means a compromise on the value you receive from it. Here at Love & Co., we think choosing to buy a lab-grown diamond will be one of the choices in life you won’t regret. Interested to find out more about lab-grown diamonds?