Diamond engagement rings are one of the greatest cultural traditions in the world. But how old is the tradition? Is it really a standard of American life?
It turns out, up until 80 years ago, no one ever used diamonds for engagement rings. In the late 1930’s, the DeBeers diamond cartel launched an ad campaign that sold diamonds as a must-have, and something every woman should demand of her husband-to-be.
And we bought it.
The price of engagement rings are extremely inflated by demand. The price of diamonds is actually much lower in reality. Instead of lining the pockets of DeBeers and other diamond cartels, what should that money be going to? The people mining them, perhaps?