5 Reasons To Skip The Diamond Engagement Ring

Published on 17/08/10

1. It isn’t an ancient tradition — just marketing. For all intents and purposes, “A Diamond is Forever” and the idea of a diamond engagement ring is Sprite’s “Obey Your Thirst” and Nike’s “Just Do It.” It is Gary Dahl’s “Pet Rock.” De Beers controlled supply by buying up and closing down any diamond mine discovered, and they controlled demand by making it sentimental. Although the campaign is less than 70 years old, it has made the diamond engagement ring the ultimate symbol of how much the relationship, the girl, and love itself is worth.

2. Diamonds are rare! Or not. It’s true, diamonds are abundant. For generations, De Beers had stockpiled most of the world’s diamond supply and effectively monopolized the industry. Their dominance has weakened over the last decade, but De Beers and its competitors still control the supply of diamonds entering the market. While most gems are valued based on their rarity, diamonds are different. Their scarcity is artificial — and so is their value.

[Also see U.S. News's list of The 100 Best Mutual Funds for the Long Term, and use our Mutual Fund Score to find the best investments for you.]

3. Other options look just as impressive and cost much less. Moissanite looks just like a diamond; the difference is undetectable with the naked eye. In fact, moissanite is actually more brilliant. If, for whatever reason, you’re stuck on the diamond ring idea, synthetic or “cultured” diamonds are the real deal. They’re made in a machine that replicates the environmental forces that make diamonds. They’re real diamonds, only with less flaws. A synthetic 2-carat pink diamond costs just a few thousand dollars, and a 1-carat moissanite ring is under $1000.