Engagement rings have been around for a long time, but they were not necessarily made using diamonds.
I have always known about the DeBeers Cartel, but I still wouldn't ever knock back a 4 Carat solitaire. Bigger would be even better!
It's that time of the year again. Wedding season
is warming up. But if you're watching your friends get hitched left and right
with a sense of growing panic, never fear. College Humor has swooped in
to the rescue with a hilarious video about why you probably shouldn't invest in
your own diamond engagement ring.
The late Princess Diana chose a large sapphire and diamond engagement ring which I am sure is worth a lot, and is now the property of the Duchess of Cambridge, but this tiara and earrings with many diamonds and pearls are probably close to priceless because of their history.
1. This 'ancient tradition' was invented in 1938 by a diamond cartel. Turns out, diamonds are a major scam. Read on for the hard (pun intended) truths behind the engagement ring.
Love is timeless and diamonds are forever, right?
Wrong.
In reality, the tradition of engagement rings was invented less than a century ago by the De Beers Group, a cartel of companies that monopolize the diamond industry. As College Humor points out in the video, "In fact, every element of the traditional American engagement was designed to make more money for De Beers."
1. This 'ancient tradition' was invented in 1938 by a diamond cartel. Turns out, diamonds are a major scam. Read on for the hard (pun intended) truths behind the engagement ring.
Love is timeless and diamonds are forever, right?
Wrong.
In reality, the tradition of engagement rings was invented less than a century ago by the De Beers Group, a cartel of companies that monopolize the diamond industry. As College Humor points out in the video, "In fact, every element of the traditional American engagement was designed to make more money for De Beers."
2. The 'two-month salary' rule is really just an old ad campaign.
When buying an engagement ring, it's either go big
or go home. The cost can be a matter of pride that measures your love for your
significant other in dollars spent.
It's also the result of a successful series of ads by De Beers, which completely made up this arbitrary salary rule.
It's also the result of a successful series of ads by De Beers, which completely made up this arbitrary salary rule.
3. Diamonds are intrinsically worthless.
That's a direct quote De Beers chairman
Nicky Oppenheimer made to the
Independent in 1999 because diamonds are actually pretty
common.
So, you know that phrase "a diamond in the rough?" Well, there's probably another diamond over there, and there, and, wow, there are diamonds everywhere.
So, you know that phrase "a diamond in the rough?" Well, there's probably another diamond over there, and there, and, wow, there are diamonds everywhere.
4. Diamonds have terrible resale value.
But we never figured this out because De
Beers has convinced us to keep, hoard and treasure our tiny pieces of
pressurized carbon. After all, "a diamond is forever." And, as the video points
out, "If you never try to sell it, you'll never figure out how badly you got
fucked."
5. De Beers artificially restricts the supply of diamonds.
By monopolizing basically every aspect of the diamond industry — from
selling, to manufacturing, to trading, to mining — De Beers can keep the price
of diamonds as high as possible.
6. Even with the truth revealed, it's often too late.
The
concept of diamond engagement rings has already invaded our culture so
thoroughly that a marriage proposal without a diamond ring seems offbeat and
bizarre. We covet these little rocks and feel totally natural about it. But it
might be time to start rethinking things.
By Karen Yuan
With thanks to PolicyMic
There are several posts on this blog about diamonds including these and others.
There is a search function - top left.
South Africa's Cullinan Mine Unearths 'Exceptional' 29.6-carat Blue Diamond
Petra Diamond Miners in South Africa Unearth a ‘Magnificent’ and ‘Exceptional’ Discovery At Cullinan
Argyle Diamond Jewellery Collection Tells A Dreamtime Story
Cartier Exhibition Features Pieces Once Owned By Elizabeth Taylor and Grace Kelly
The Millennium Star Diamond
The Most Expensive Coloured Diamonds in the World
The Royal Jewels
Kashmir Sapphire Ring Fetches $7.3 Million At Auction
Argyle Diamonds: Pretty In Pink
‘Fascination’: Graff’s $40 Million Diamond Transformable Watch
The Rare ‘Blue Moon’ Diamond Is All Set To Become The Most Expensive Jewel, When It Goes Up On Sale Pink Diamond Could Fetch $28 million
‘Fascination’: Graff’s $40 Million Diamond Transformable Watch
How To Make Perfect Diamonds In The Microwave
World’s Second-Largest Diamond Found In Botswana
A Brand New Phase Of Carbon Has Been Discovered
Padmanabhaswamy Temple Treasure: Worth $22 Billion
The Virgin Rainbow: World's Most Beautiful Opal
Some Of The Rarest Jewels In The World
Pakistan Claims Koh-i-Noor Diamond
Australian Company Lucapa Finds Huge Diamond In Angola
Argyle Violet Diamond Expected To Fetch Up To $4m At Auction
The Lesedi la Rona Diamond Could Fetch $US70m
Petra Diamond Miners in South Africa Unearth a ‘Magnificent’ and ‘Exceptional’ Discovery At Cullinan
Argyle Diamond Jewellery Collection Tells A Dreamtime Story
Cartier Exhibition Features Pieces Once Owned By Elizabeth Taylor and Grace Kelly
The Millennium Star Diamond
The Most Expensive Coloured Diamonds in the World
The Royal Jewels
Kashmir Sapphire Ring Fetches $7.3 Million At Auction
Argyle Diamonds: Pretty In Pink
‘Fascination’: Graff’s $40 Million Diamond Transformable Watch
The Rare ‘Blue Moon’ Diamond Is All Set To Become The Most Expensive Jewel, When It Goes Up On Sale Pink Diamond Could Fetch $28 million
‘Fascination’: Graff’s $40 Million Diamond Transformable Watch
How To Make Perfect Diamonds In The Microwave
World’s Second-Largest Diamond Found In Botswana
A Brand New Phase Of Carbon Has Been Discovered
Padmanabhaswamy Temple Treasure: Worth $22 Billion
The Virgin Rainbow: World's Most Beautiful Opal
Some Of The Rarest Jewels In The World
Pakistan Claims Koh-i-Noor Diamond
Australian Company Lucapa Finds Huge Diamond In Angola
Argyle Violet Diamond Expected To Fetch Up To $4m At Auction
The Lesedi la Rona Diamond Could Fetch $US70m
Ancient Gemstone Lapis Back In Fashion
Top Ten Lost Treasures of the World
Top Ten Lost Treasures of the World
Lucapa Diamond’s Road To Riches In Angola
Elizabeth Taylor's Bulgari Jewellery Goes On Show In Melbourne
The Foxfire Diamond
Elizabeth Taylor's Bulgari Jewellery Goes On Show In Melbourne
The Foxfire Diamond
The De Beers campaign worked so well too.
Dame Shirley Bassey sings: "Diamonds are Forever".
Is the world running out of diamonds? The market has always been manipulated by De Beers.
How much should you spend on an engagement ring?