A Diamond is Forever

That’s the line the De Beers cartel decided to sell to impressionable Americans starting in the late 1930s (the literal line itself, in 1947). Those shiny bits of carbon of artificial scarcity and fixed prices didn’t sell themselves – considering there was no long-term or widespread historical tradition of diamonds containing value or imparting status. Diamonds are no gold.

Recorded history of diamonds used in engagement/wedding rings takes us back over 500 years, a (true) fact pushed by the “history of the engagement ring” websites run by jewelers. No reference to the “standard” diamond engagement ring being a result of a De Beers advertising campaign, or that many other countries (including those that can afford diamonds) stick to simple gold bands or rings mounted with other gems. I’d wager most Americans believe the diamond engagement ring is dominant throughout most of Europe. For all the glorious background, read THIS PIECE from The Atlantic written by Edward Jay Epstein. I know… it’s long. The first few pages deal with the relevant engagement ring/ad campaign issues. Here is the brief.