How Lab Grown Diamonds Can Suit the Needs of HENRYs
Coined by Shawn Tully, in a 2003 Fortune magazine article, HENRY – short for High Earners Not Rich Yet — is a term to describe millennials earning between US$100,000 and US$250,000 a year. According to 2014 US Census Bureau data, this burgeoning class makes over 75% of the entire country’s population. Despite this fact, this cohort claims that with factors such as the debt acquired, cost of living and lifestyle, their disposable income does not amount to much. To keep up with the maintenance of their lifestyles, they lean towards making discretionary purchases that offer more value than just spending on designer labels.
This also means a shift in perspectives, as mined diamonds are traditionally associated with luxury purchases. But today, there has been a specific type of gem that has found its way into the diamond market. These gems have slowly climbed up to be the go-to engagement options for current consumers, especially HENRYs.
The aesthetic without the hefty price tag
If you’ve been out of the loop, these gems are called Lab Grown Diamonds. For a brief rundown, they are birthed out of a diamond seed and later exposed to an environment that will promote its growth. Made by either two processes, High Pressure-High Temperature (HPHT) and Chemical Vapor Deposition (CVD), the carbon seed will bloom and mature into raw diamonds. It takes lesser time and resources to produce lab grown diamonds and create your diamond ring. Savings from lengthy supply chains are passed on to consumers – making lab grown diamonds more cost-appealing to HENRYs.
There isn’t a sacrifice in quality either. Compared to other diamond stimulants, Lab grown diamonds hold the most similar properties to mined diamonds, with the only difference being their origin. As their name suggests, lab grown diamonds are grown in a regulated environment in a lab, while mined diamonds naturally grow underground. Now available at Star Carat, each of these lab grown diamonds is IGI certified and graded under the strict 4C diamond grading. Moreover, all of Star Carat Lab Grown Diamonds are classified under Type IIA diamonds – an elusive range of diamonds as they make up of only 2% of the world’s earth-mined diamonds.
Enjoy your lifestyle with savings
While high quality is assured, lab grown diamonds cost a fraction of what mined diamonds would typically be priced at. They also resonate well with the values of HENRYs – this group of consumers are more attuned to making environmentally-conscious purchases. Shoppers can expect to pay 50% lesser for a typical 1 carat diamond engagement ring, or get a stone that’s 50% bigger – allowing them to stretch their dollar and rock a bigger sparkle.
By purchasing a lab grown diamond instead of a mined diamond, you’d be saving a considerable amount of money on your ring that you could spend on other important things in life – perhaps plan your dream wedding or tick off your bucket-list destination for your honeymoon. At Star Carat, you will have more options where you don’t need to sacrifice your dream rock – our Star Carat 1.0 carat diamond retails from $2,999. We provide some of the most unique engagement rings in Singapore with a variety of designs, so you’d be spoilt for choice! Since it’s the season of giving, choose Star Carat’s diamond rings as the ideal present for your loved ones. Book an appointment with us today and celebrate this joyful Christmas with a spectacular ring on the finger.