"Diamonds are bullshit."

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Wednesday, June 12. 2013

"Diamonds are bullshit."

Diamonds are not scarce, are not investments (they depreciate), and are no more "forever" than any other rock. Their popularity as stones in engagement rings dates to the 1930s with DeBeers' very effective marketing campaign.

On the economics of diamonds, the biggest marketing scam in history by the world’s most successful and enduring cartel:

We covet diamonds in America for a simple reason: the company that stands to profit from diamond sales decided that we should. De Beers’ marketing campaign single-handedly made diamond rings the measure of one’s success in America. Despite its complete lack of inherent value, the company manufactured an image of diamonds as a status symbol. And to keep the price of diamonds high, despite the abundance of new diamond finds, De Beers executed the most effective monopoly of the 20th century. Okay, we get it De Beers, you guys are really good at business!

De Beers believes that a fellow should spend two month's income on a diamond. Wiki has a brief history of engagement rings and wedding rings.

Carpe Diem recommends fake diamonds, and real love and reliable companionship.

Posted by The News Junkie in The Culture, "Culture," Pop Culture and Recreation at 10:44 | Comments (12) | Trackbacks (0)

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As a shiny thing that looks pretty in a ring, diamonds have one other thing going for them: durability. I have had amethysts break in their settings, but not diamonds. So if you are buying an engagement or wedding ring that will be worn on a daily basis for decades, a diamond is the best way to go.

However, I agree with you that diamonds are not scarce as DeBeers would imply with their ads. Diamonds should be much cheaper than they are.

#1 MissT on 2013-06-12 10:57 (Reply)

feel free to delete if this offends, but I do remember reading once that the difference between Catholic women and Jewish women is that Catholic women have fake diamonds and real orgasms...

#2 Tom Armstrong on 2013-06-12 11:24 (Reply)

I have shunned diamonds as the central focus of jewelry pieces bought for the boss nearly forever. I like a nice flawed well cut emerald and platinum or perhaps a good opal.....

#3 dorf on 2013-06-12 11:42 (Reply)

Diamonds are the one topic on which Bill Maher is right.

#4 jdgalt on 2013-06-12 12:31 (Reply)

It is our 30th anniversary. Mayhap the husman will get his huswif a thing of pearls.

#5 Jewel (Link) on 2013-06-12 17:32 (Reply)

Beautiful site yall's link is.

#5.1 Leag on 2013-06-13 14:12 (Reply)

Thanks for the Molly Sims pic.

#6 bob sykes on 2013-06-12 17:39 (Reply)

I think she would look better with just a solitaire ring. Too much jewelry distracts, don't you think?

#7 GoneWithTheWind on 2013-06-12 19:44 (Reply)

Neither my wife nor I have any particular interest in owning diamonds or diamond jewelry (or any other jewelry, gold or silver, for that matter). Seems a waste of money to us. But if someone were to offer her a necklace of large, perfectly formed, matched black pearls, I don't she'd turn it down.

#8 Agent Cooper on 2013-06-12 21:45 (Reply)

There are diamonds, and then there are diamonds. Sizeable diamonds of the first water, beautifully cut with finesse, are rare. Most of what we see are commercial quality. That said, diamonds are not forever; they may be hard, in terms of withstanding abrasion, but may chip or crack along lines of cleavage, more so than sapphires, spinels, beryls, and topaz.

#9 Exasperated on 2013-06-13 07:48 (Reply)

I learned long ago that value is determined by what somebody is willing to pay for it. Simple as that.

#10 Scott on 2013-06-13 15:49 (Reply)

Diamonds are just chunks of carbon. The same technological advances that are making gun control obsolete will also render obsolete the idea that a diamond ring should cost more than 5 cents.

#11 R7 Rocket on 2013-06-14 02:56 (Reply)

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Wednesday, June 12. 2013

"Diamonds are bullshit."