In a striking reflection of the tumbling value of lab-grown diamonds, Bangkok-based Universal Chains drew crowds at the Jewellery & Gem World (JGW) show in Hong Kong with a bold campaign: “We only charge for the gold, the lab diamonds are free.”

The initiative, rolled out under its wholesale-only brand Gen Z Diamonds, focuses on lab-grown stones set in recycled gold jewellery. By charging solely for the gold component, the brand is making a statement about the sharp decline in lab-grown prices, even as gold itself trades at record highs.

The move adds to a growing list of retailers using lab-grown giveaways as a marketing tactic. In August 2023, Steven Singer Jewelers in Philadelphia announced it would give away 600 one-carat lab-grown diamonds with the purchase of mined diamond engagement rings, dismissing lab-growns as stones that “will be worthless one day.”

As the lab-grown diamond market grapples with steep price drops, campaigns like these highlight the shifting perception of value—and the ways jewellers are repositioning to capture consumer attention.