IUIGA 1-Carat Diamond Ring Costs $1,799
Local brand IUIGA, known for providing products at a fraction of the cost from their original dealers, is now selling diamond rings.
The 1-Carat Solitaire Diamond Ring begins at $1,799 without a certification from the International Gemological Institute. For an additional $300, you can get the certification and have a peace of mind that your diamond is the real deal.
Different sizes of diamonds are available for customisation. A 2-carat ring without certification costs $8,999, if you can’t deal with small stones.
To add on the perks, IUIGA’s diamond rings can be returned after 30 days of purchase and include free shipping.
IUIGA cuts out the middle man
IUIGA’s mission has always been to cut out middle-man markups in order to bring the best pricing to consumers. For the diamond rings, it has illustrated the costing breakdown in a pricing chart. It claims a diamond ring like that would typically cost $25,000.
If the chart is to be believed, most of the price of the diamond ring comes from its materials. In other words, your money is spent mostly getting the biggest bling for your fiancee’s fingers.
We’d say showing consumers the markup on each product so transparently is an absolute game-changer.
However, competitors have not taken well to IUIGA’s strategy.
Companies like Japanese lifestyle brand MUJI are taking IUIGA to court for trademark infringement. MUJI is unhappy IUIGA claims to take stocks from MUJI’s manufacturers.
In its defense, Chief Growth Officer of IUIGA, Jaslyn Chan, has issued a statement that:
“For all of IUIGA’s products, the design rights belong to [the] manufacturer and they are free to work with any other brand. As such, IUIGA is not infringing on design or product rights.”
It is IUIGA’s ability to identify the loophole that manufacturers own the design rights to the products and not the brands, that IUIGA is able to pluck these products directly from the manufacturers. They then pass the products to consumers at a competitive pricing.
IUIGA is a fast-growing local brand
In an interview with TheSmartLocal, Jaslyn Chan explains how she grew IUIGA to half a million worth of sales within 3 months.
Starting the company was not easy, as it took 1.5 years to convince her first 57 manufacturers to work with her; they were reluctant as her business strategy seemed unorthodox.
However, it paid off well and now IUIGA boasts a range of products in the home furnishing, lifestyle and beauty categories, with diamond rings being its latest foray.
$1,799 Diamond Rings Let You Propose Without Busting Your Budget
For Singaporeans who care more about the goods rather than the name brand, IUIGA’s diamond rings are a way to get a big rock on your fiance’s hand while having some spare cash left for renovating your BTO.
Hopefully, she says yes.
Cover image courtesy of IUIGA