It has become something of a cultural norm for people to spend as much as a two month’s salary to buy a diamond engagement ring for the man or woman they want to propose to. The practice is no longer considered unusual and in fact, those who don’t partake in it are the ones who are considered odd. Girls grow up with the notion that one day a man or a woman will get down on one knee and reveal a small leather box with the most exquisite diamond engagement ring ever. It may not be entirely worthless, but diamonds are certainly worth less than you may think. It is nothing more than a smart scam.
Ordinary Gems Like Any Other
The very idea that diamonds are not ordinary but rather rare gems was created by a group of people. In the nineteenth century, mines of diamonds were found in the jungles of Brazil and the riverbeds in India. Until that time, the world’s production of gems was not more than a few pounds annually.
The Diamond Scam
In the year 1870, a massive diamond mine was found near the Orange River, which is situated in South Africa. From here, diamonds were mined in massive quantities and soon the market was filled with diamonds. However, the group responsible for this mining expedition in South Africa soon came to realize that the investment that they had made in mining diamonds was about to flip over and tumble simply because of one reason that may shock you to your core: diamonds had no real value!
The only reason why diamonds were considered so precious, was because people assumed they were incredibly rare. With the sudden influx of diamonds in the market, the stone was no longer rare and therefore it was beginning to lose its worth. The majority investors came up with a strategy to give the masses an illusion of diamond scarcity so that they may consider them rare once more.
A company called De Beers Consolidated Mines, Ltd. took control of all diamond-related business around the world and started operating under a different name, called Diamond Trading Company or in Israel as The Syndicate. This company has proved to be the most successful one over the centuries. It can be seen that even though silver, gold, and copper fluctuate in prices due to economic conditions, the price of diamonds stays stable. The diamonds scam is probably the most successful one in recent history.
Tradition Versus False Advertisement
Young girls believe that a proposal is legitimized with the gift of a diamond engagement ring because it is a tradition that has been a part of the world we live in for hundreds of years. But in reality, the tradition of the diamond engagement ring was only born a century ago. It was created by none other than De Beers Consolidated Mines in order to create a demand for diamonds in the market. Call it a scam or not, the bottom line is, they created a monopoly and set up their product as a necessity for every single human on the planet. That’s at least a highly skilled scam if nothing else.
In 2016 alone, the average amount spent on a diamond engagement ring has gone up to $6,163 which is a stark $1000 more than the year before. If it is a matter of whether or not a diamond engagement ring is worth it, given that we are constantly under an illusion that they are scarce, then the answer is no. They are most certainly not worth it.
Is a Diamond Engagement Ring Worthless?
If we look at it from an emotional point of view, a marriage should not depend on how expensive an engagement ring can be. When two people tie the knot, they also merge their expenses together. They have a lot of financial things after a wedding that they need to take care of as a team. Add an expensive diamond engagement ring worth a two month’s salary into the mix and you’re farther down in debt than you were before.
The social pressure that lays on the shoulders of the person ready to propose is the reason most people crack. Marriage is a big enough commitment on its own, but the fact that a man or woman must wonder whether or not she can afford a diamond ring should not decide whether or not he or she is ready to pop the big question. A simple gold or silver ring will do just fine on its own and it will probably be more meaningful than a stone that has no true intrinsic value.
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