As soon as you leave the jewellery store with a diamond, it loses over 50% of its value. North Americans exchange diamond rings as part of the engagement process, because of a stunningly successful 1938 marketing campaign by De Beers. Prior to this, people occasionally exchanged engagement rings, but it wasn’t a pervasive occurrence. Not only is the demand for diamonds a marketing invention, but diamonds aren’t actually that rare. Only by carefully restricting the supply has De Beers kept the price of a diamond high. The obligation to offer a diamond ring to your fiance only exists because the company that stands to profit from it willed it into existence.
Disclaimer: I did not give Darlene a diamond. She didn't want one at the time and also believed it was ludicrous to spend that kind of money on a token piece of jewellery. She did eventually buy one for herself, but sold it within a couple of years because she didn't like worrying about losing it.
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