As a relationship turns toward lasting commitment,
buying a diamond is treated as automatic.
Diamonds aren't valuable, special, or a good gift.
Diamonds are for never.
You've been told a shiny rock with almost no resale value is the foundation of a life together.
It isn't a tradition, and it isn't worth much. It is the product of the most successful marketing campaign of the twentieth century: months of income, spent on a common stone.
Diamonds are unremarkable and wildly overpriced. If you want jewelry, do better than a diamond. If you don't, spend the money on the life you are actually trying to start.
Grow up on enough movies and ads and you will think diamonds have always been part of marriage, and therefore a wise buy for a young couple. They have not. The modern diamond engagement ring was popularized in the 1930s–40s by De Beers. The line “A Diamond Is Forever” is from 1947. It was written to stop you from reselling the stone.
Walk out of the store and you would be lucky to get half of retail back. Often much less. A modest ring plus the rest in an index fund would have done more for a household than a piece of carbon.
There is nothing romantic about starting a marriage in a hole. Jewelers and advertisers do not care if the purchase delays a house or savings. The stone needs the campaign because it cannot sell itself.
Learn moreA diamond is a slogan you can wear. These do more.
Lab diamonds showed the game. Big diamond companies added lab-grown stones to inventory, then watched prices fall anyway. If compressed carbon were rare and romantic, that would not have been possible. How the myth was built.