Producer’s note: Someone on Quora asked: What is a scam that everyone needs to be warned about? Here is one of the best answers that’s been pulled from the thread. Thank you to the team at Quora for making this happen!
Diamonds are not a girl’s best friend. Diamond prices were kept artificially inflated by De Beers. This is done by controlling the production of diamonds, which are nowhere nearly as rare as they would have you believe.
And yet, the advertising power would let you to believe that a beautiful diamond engagement ring costing many thousands of dollars is the only way to commit to your lady. It’s nonsense.
So how did this scam start?
Diamond sales were dropping and something had to be done. The diamond ring “promise” was born, and hence it led to the belief that diamond rings mean commitment. It was also followed by the eternity ring, a way of making small, almost worthless, diamonds seems valuable. There is no rational reason for a costly diamond, when we have so many artificial diamonds looking just like the real thing at a fraction of the price.
“So what? It’s an investment, I can try and sell it later.”
Really? Try and sell one. You will be lucky, very lucky to get back half the price you paid for it. Unlike gold, in which price is determined by weight and market, diamond price is determined by beauty. It’s subjective. Most jewelers will not even buy back diamond rings, for the simple reason that they will be forced to tell you how much of a bath you took on it. That would be very bad for business. Do yourself a favor, forget real diamonds.
They may last forever, but they’re a scam that should disappear.
Off topic: A rock doesn’t judge love. Stop materializing and weighing it with flashy rings.