Saying yes, for less: Why lab-grown diamonds have cornered 80% of the engagement ring market
New-age diamond ring retailers have business models that are leaner, faster and unburdened by mined inventory
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[SINGAPORE] For decades, the mined diamond was the undisputed centrepiece of a marriage proposal, including in Singapore. But pragmatic couples are breaking with tradition by opting for lab-grown stones instead.
Lab-grown diamonds now account for about 80 per cent of engagement ring sales, jewellery stores across the island tell The Business Times.
Part of a worldwide trend, the transition was helped along by the US Federal Trade Commission, which in 2018 stopped defining a diamond as strictly “natural”.
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