How Stupid is it to Buy a Diamond?

In: Commentary Culture History

29 Oct 2010

This 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:


3 Responses to How Stupid is it to Buy a Diamond?



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.

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