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”.

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Here is a chart of diamond prices, 1960-2010:

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

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russ

October 29th, 2010 at 10:49

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.

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Billy Girlardo

October 29th, 2010 at 13:18

Or maybe even tulips.

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Matt SF

October 29th, 2010 at 21:41

Good stuff… but seriously doubt the girlfriend is going to buy the diamond bubble or diamond inflation argument.

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