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Diamonds: you’ve been had, suckers

March 14th, 2012 1 comment

RingsAh, diamonds. The ultimate symbol of an eternal commitment between two people in love, right? In fact, here in America, this sentiment is so strong that a diamond ring is viewed as an absolutely essential component of a marriage engagement proposal by virtually everyone. And of course, the more expensive the diamond, the more impressive the display of love—there are even helpful guidelines in place to let men know the minimum acceptable amount to spend when shopping for an engagement ring (two months’ salary, guys).

But did you ever stop to think about how diamonds got elevated to this lofty status? Or why nearly every American couple chooses to express their commitment in exactly the same way (by spending several thousand dollars on a rock, of all things)?

The answer is that most Americans behave this way because they were told to. The genius marketing minds at N.W. Ayers & Son created the diamond market essentially out of thin air way back in the 1930s with an advertising campaign that taught us that diamonds = love, and Americans have been paying exorbitant prices for essentially worthless rocks ever since.

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