What’s the first thing you do, or want to do, when someone gets engaged?
Specifically, that rock.
Experts agreethat any diamond above two or three carats is “big.”
So then, the bigger the diamond, the more valuable the ring right?
Here’s the real reason why diamonds of any size aren’t as valuable as you may think.
It’s probably been a while, if ever at all.
According toThe International Gem Society(IGS), the diamond is the most popular gemstone.
Nonetheless, a myth about the gem continues to be believed: Diamonds are rare.
Well, all “gem-quality materials” aretechnicallyrare because they’re natural materials with limited quantities Earth.
That said, diamonds are one of theleastrare among gemstones.
Shockingly, this was all before theArgyle mine in Western Australiaeven came into the picture.
Diamonds are theoppositeof rare.
Sure, diamonds go through avery involved process.
But, still, the markup is outrageous.
Although Taylor is located in the United Kingdom, similar markups exist in the United States.
When it comes to diamonds, it seems the customer never wins.
They’re a terrible investment
Are diamonds a good investment?
Not according to experts.
Many customers would concur.
“I even had a certificate that verified the diamond’s authenticity,” she toldThe Guardian.
Of course, the situation is similar in America.
According toThe Atlantic, his caption was then plastered beneath a picture of a honeymooning young couple.
Despite their hardness, diamonds can become discolored, chip, and even shatter.
Naturally, that information wouldn’t make it into the ad.
This was all part of the plan to dupe Americans into buying diamonds as opposed to other gems.
They set out to conflate diamonds with romance.
In the 1940s, young men bought about 90% of the engagement rings on the market.
De Beers knew they needed to make those men believe that diamonds were a “gift of love.”
The bigger the diamond, the greater act of love.
They also realized they had to convince women that diamonds were an “integral part” of their relationships.
Diamond sales shortly went up by 55 percent boom.
How’s that for inception?
Woo-hoo, women’s rights!
Unfortunately, that law was short-lived.
It may sound all well and good, but the engagement ring’s purpose is a bit icky.
The “Breach of Promise” protected women from “seduce-and-abandon scenarios,” e.g.
losing their virginity to their fiancee and being subsequently dumped.
According toIGS, the company sustained control over diamond production and sales for decades.
It also allowed them to inflate prices and create a false sense of rarity around the precious stones.
Nevertheless, De Beers is still active in the diamond industry.
In 2017, they invested $140 million into their marketing budget.
While the diamond market is performing worse than in years past, De Beers excels in high-stress situations.
“No pressure, no diamonds,” right?
De Beers just might be forever.
Synthetic diamonds also cost between 15 and 30 percent less than real ones.
Though, knowing how much natural diamond prices are inflated, 15 percent off doesn’t sound like much.
The process is a doozy arguably more involved than mining so the high price makes sense.
The most spectacular rings worn by celebrities tend to include real diamonds, after all.
Meghan Markle’s ringwas recently on everyone’s minds and online window histories.
And, who could forget Mariah Carey’s ginormous35 carat engagement ringfrom James Packer?
It’s not just women sporting these ostentatious rocks, either.
With the rich and famous constantly donning diamonds, the rockspractically sell themselves.
