A 27-Carat Engagement Ring Will Be Sold in This Week’s Jewelry Expo for About SGD$3 Million

Thinking of marrying your long-term partner? Well, Ivy Masterpiece may have the perfect ring for you.

All you need is 3 million dollars.

The $3 million diamond ring weighs 27 carats, which is about 26 carats more than the average engagement ring.

A 27-Carat Ring

Ivy Masterpiece will be showcasing their massive masterpiece at the annual Singapore International Jewelry Expo (SIJE).

Gemologist Ronald Low, who crafted and designed the diamond ring with his wife Sarah Tan, said that it took a year to “complete the entire process, from cutting to certification”.

He added that the 27-carat diamond ring would be the perfect buy for celebrities and the wealthy.

Other Pieces On Exhibition

As The New Paper reports, Ivy Masterpiece will also be exhibiting other pieces like their Emerald Cut Diamond bracelet, Fancy Shaped Diamond bracelet and a pair of Diamond Ruby earrings.

The Diamond Ruby earrings cost $250 000, comprising 36.85 carats of ruby and 9.50 carats of diamond.

So if their $3 million diamond ring is a little over your budget, you could always buy the Diamond Ruby earrings for $250 000. Who needs a house anyway?

Insanely expensive diamond rings like this beg the question: What’s so great about diamonds anyway?

Nothing, as it turns out.

Firstly, they’re not rare. Diamonds are actually one of the least rare gemstones. Diamonds were only rare until 1870 when huge diamond mines were found in South Africa.

Secondly, they’re a bad investment.

The Atlantic once asked, have you ever tried to sell a diamond? You’ll never recoup the money you put into it because diamonds are a dime a dozen. Except it’s usually a few thousand a dozen.

So if they’re not rare or valuable, why the hell are they so expensive?

Monopoly

Well, it turns out that the supply of diamonds had been monopolized over a century. Furthermore, the markup on diamonds can range from 100 to 200 per cent.

So, through a combination of buyer perception and market manipulation, diamonds have become one of the world’s most popular luxury gifts.

And that’s how you sell an intrinsically worthless product for $3 million dollars.

Now, aren’t you glad that the Competition and Consumer Commission of Singapore (CCS) exists? After all, monopolies make everything expensive, just like your $1 million hotel in the Monopoly game.