Why Are Diamonds So Expensive?
The other day I was listening to one of my favorite podcasts, Stuff You Should Know, when a topic caught my attention. Diamonds. I love these sparkly beauties as much as the next person – in fact, since my birthday is in April, the diamond is my birthstone. Lucky girl!
The podcast talked about lots of cool stuff about diamonds, beyond the 4C’s and two-month-salary hype we hear about constantly in the wedding industry. If you’re in the market to buy a diamond, or just want to know more about the rock sitting on your left hand, check out this episode/article!
Prior to the 1930’s, diamonds were rarely given as engagement rings. The N.W. Ayer advertising agency created the De Beers “A Diamond is Forever” ad campaign in 1947, and transformed the diamond market into the giant it is today.
According to the article, “The only reason why we pay so much more for diamonds today than for other precious gems is because the diamond market is controlled almost entirely by a single diamond cartel, called De Beers Consolidated Mines, Ltd., which is based in South Africa.”
So guys, you can thank De Beers for creating the expensive rings that your girlfriends drool over!