Diamonds Aren’t Forever

Mike Raab
Mike Raab
Jan 24 · 6 min read

Is it time to ditch the diamond engagement ring?

For most men in the U.S. preparing to “pop the question,” one question that is not considered is whether or not to purchase a diamond engagement ring to accompany the proposal. Indeed, diamond engagement rings are the norm, with over 80% of brides sporting a gem. This is, of course, “tradition!” Men spend 2–4x their monthly salary on engagement rings because that’s “what you’re supposed to do,” and women similarly expect the gesture, even if most brides are unhappy with the diamond ring their future spouse gifts them.

To an outsider, this tradition may seem silly. Just as many Americans find the concepts of dowries, bride prices, and dowers unpalatable — the practice of men gifting women an exorbitantly expensive (and inherently useless) gift while asking them to spend the rest of their lives together sounds a little insane from first principles. Of course, like dowries and dowers, diamond engagement rings have a rich cultural history stretching back hundreds of years, right?

Not exactly.

It’s not such a well kept secret that the diamond engagement ring tradition is less than a century old and was manufactured by a marketing campaign commissioned by De Beers Corporation, who conveniently held a monopoly on the diamond trade. For those who haven’t heard the story, here’s a quick recap:

To summarize: the diamond engagement ring tradition exists because of wide-spread propaganda capitalizing on envy and conspicuous consumption commissioned by a cartel. It ain’t “love.”

Clearly, the propaganda worked. By 1990, 80% of brides in the United States had a diamond engagement ring — up from only 10% in 1940.

Percent of brides with diamond engagement rings

Sure, some people will acknowledge the dubious genesis of diamond engagement rings before saying that despite this, the tradition is meaningful today. The narrative goes something like this:

  • It’s the promise of marriage from a man to a woman!
  • It shows the man is serious enough about the relationship to save up for the ring!
  • It shows others that a woman is no longer available!

In 2019, I think it’s time that couples have a conversation about these outdated justifications fueled by consumerism, marketing, and envy.

First thing’s first: equating love with money is probably unhealthy for the longterm viability of a relationship. If your potential lifelong partner turns down your marriage proposal because the ring you purchased isn’t big or expensive enough, the odds of a successful marriage were likely slim to begin with. What if instead of marrying someone who values material things over you as a human, you found a partner who would spend their life with you regardless of material wealth and possession?

Second, society is just starting to grasp what gender equality means across contexts, yet wedding culture has largely been excluded from this conversation. Why is this a one-sided bribe? Shouldn’t women be compelled to buy something equally expensive and useless for their partner to “prove that they are serious” about the relationship? Further, the idea of signaling that a woman is no longer available, or “marking property” is insulting. Should men be marked as “taken” as well? Funny enough, De Beers launched a campaign with this very concept in the 1980’s in an attempt to double the diamond market. The campaign for a “Man’s Diamond” did not take off. It seems women weren’t falling for this charade…

In the 1980’s, Ayers / De Beers tried to convince women to buy diamond rings for men. They didn’t fall for it.

The justifications around engagement rings representing a promise to marry, or a partner being “serious enough” are also insulting, essentially arguing that the man’s word is not trustworthy unless he backs it up with his bank account.

Perhaps the most concrete argument against diamond engagement rings is the needlessly wasteful spending. As of 2017, the average engagement ring costs over $6,000, with this value immediately dissolving once purchased. Taken into context — most Americans don’t have $500 saved for a financial emergency — this expenditure is irresponsible. Thankfully, younger generations seem to be less materialistic than their parents and grandparents, opting to spend their money on experiences and practical purchases over goods signaling wealth and status. In the wedding world, this has become most evident with wedding registries. What was once an opportunity to collect an abundance of consumer goods has expanded into opportunities to travel (Honeyfund) or collect savings for practical use (Newlywed Fund). What if the money used to purchase an engagement ring was instead invested in longterm, appreciating assets to be enjoyed by a happy married couple for years to come, such as a down payment on a home?

If we were to do away with the diamond engagement ring tradition, what would we replace it with? One option is simple: nothing. Another option practiced in other countries such as Brazil may present an easier transition: both men and women wear a simple band on their right hand while engaged and switch the ring to their left hand once married. Signaling commitment while embracing equality and forgoing reckless spending — what a concept!

For my part, I’m adding “diamond engagement rings” to my list of 25 Things that Won’t Exist in 25 Years.

[Note to all potential suitors: I accept that I’ll likely end up purchasing an engagement ring for my future wife. I just want to be sure we’re on the same page about the ridiculousness of it…]

If you found this helpful, please “clap,” follow me on Medium, and check out some of my other articles: Figuring Out Who You Are, The Cameras are Coming, and The Future of Car Travel: Advertising & Retail?

I’m currently an investor at Sinai Ventures in San Francisco. Previously digital TV strategy at 21st Century Fox in Los Angeles. Northwestern Alum. Chicago Native. Feel free to reach out here, on LinkedIn, or Twitter.

The Raabit Hole

Musings on life, entertainment, and technology. Note: opinions expressed do not necessarily represent the views of the author in the future.

Mike Raab

Written by

Mike Raab

I write about media, tech, and life. Currently VC @ Sinai Ventures in SF. Formerly digital TV strategy @ 21st Century Fox in LA.

The Raabit Hole

Musings on life, entertainment, and technology. Note: opinions expressed do not necessarily represent the views of the author in the future.