How Stupid is it to Buy a Diamond?
In: Commentary Culture History
29 Oct 2010This classic Atlantic article explains in detail how the USA was manipulated into thinking diamond rings are a classy expression of your love – when in fact they are just a ripoff. While reading it I couldn’t help but see multiple parallels to what happened to the housing market and the “american dream”.
Here is a chart of diamond prices, 1960-2010:
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3 Responses to How Stupid is it to Buy a Diamond?
russ
October 29th, 2010 at 10:49 am
The diamond cartel put a lot of work into creating a powerful and valuable symbol. Without diamonds, there would still be a market for that symbolic value.
Something else would fill the void. It’s really not that crazy to imagine giving out audiophile-grade cables, gilded taxidermy, or artisan cheeses as engagement gifts.
Billy Girlardo
October 29th, 2010 at 1:18 pm
Or maybe even tulips.
Matt SF
October 29th, 2010 at 9:41 pm
Good stuff… but seriously doubt the girlfriend is going to buy the diamond bubble or diamond inflation argument.