Diamonds

Prelude

Boy meets girl. After numerous dates and outings, coupled with a few memorable and unforgettable experience, the boy decides his next step, the next phase of life. While they dine and wine, the girl is filled with warm and mushy feelings. Boy gets down on one knee and pull out a huge diamond ring before the proposal. Well, that's probably the typical (or boring) marriage proposal for the longest time ever. Locally, it's the same story line, albeit different scenes being played out. But the dynamics seems to be changing these days, and it seems like there are more couples opting out for the stone (yes I would like to think it's just a stone anyway) these days. For pragmatic reasons or the hype has die down?

Stone

Yes, you are right. Originally it is just a stone. No doubt, it is the most sought after gemstone on this planet, but it is also over-rated at the same time. Thus, it is no wonder there are many couples seeking for non diamond rings these days. Sapphire, morganites, etc.. But the most important (and inevitable) question here is the cost of diamonds, which is extremely exorbitant in my opinion. And the truth is that most of us are average Singaporeans who are not privy to the standard/cost of living in Singapore. Thus, pragmatism might have played a part here in the decision making process when we decide if a stone is worth the price (or not).

Perceptions

Different people, different perceptions. But of course, we (or maybe not all) know that everything we do in life is mostly based on societal, cultural and traditional perceptions. So where did the perception of diamonds being eternal came from? Will diamonds guarantee a happy and blissful marriage? Yes? No? and if no, why not? Of course, all these started because of the unscrupulous and unethical marketing campaign by De Beers in the 1930s. The proponents would have called this one of the most successful marketing campaigns during that time, and I applauded the glimpse of the start on guerrilla marketing at it's very best!

De Beers

Prior to diamonds being the most sought-after rock for engagement purposes, it was not a pervasive occurrence. In fact, diamonds is more than just a marketing ploy. To begin with, diamonds are not exactly rare because it was abundant at that point of time but De Beers seized the opportunity to inflate the price by restricting the supply. Thus, we are basically following the tails of our predecessors without contemplating the real intent and purpose of marriage. To put it bluntly, we are also directly supporting the marketing campaign back in 1938, albeit it being the most absurd thing to have happened in the 21st century!

Marriage

It all started in America where all aspiring males enter adulthood through peculiar (but yet familiar) rite of passage. And that is to study, save and get married with their respective partners one fine day. In fact, most would spend a big part of their savings on a shiny piece of rock. Fast forward to the modern generation, things have changed but not much. I could still see many Asians (and in particular Singapore) succumbing to the societal norm. As a matter of fact, I have this impression that diamonds are too dressy for everyday wear. And if I cannot envisage myself wearing it everyday then I might as well don't partake in this societal norm.

Campaigns

It all started when Americans exchange diamond rings as part of the engagement process, and this did not happen overnight. This only happened when De Beers decided to brainwash us into doing so. Don't get me wrong! Americans do exchange engagement rings, but this was not a pervasive occurrence before the successful guerrilla marketing campaign back in 1938. Not only is the demand for diamonds a marketing invention, but diamonds aren’t actually that rare. It was 'rare' because De Beers had carefully restricted the supply, and thus they were able to keep the price of a diamond high. Yes, it's unscrupulous but I'm sorry for those who bought diamonds. Demand and supply. It takes 2 hands to clap. So there you go.

Assets

No offence, but I was thinking if we might have invest this money in assets that would have compound over time. Instead, we trade our hard earned money for a diamond ring which is not really an asset to begin with. A diamond is actually a depreciating asset masquerading as an investment. There is this common misconception that jewelry and precious metals are assets that can store value, appreciate, and hedge against inflation. That’s not wholly untrue though. Diamonds, however, are not an investment to begin with. The market for them is neither liquid nor are they fungible. As a matter of fact, this shiny rock would normally depreciate more than 50% once you leave the jeweler. If we could pause and ponder for a while, does it make more sense if we rather get a gold ring?

Reality

They (the unscrupulous smart and rich?) created this convention that unless a man purchases (an intrinsically useless) diamond, his life would be seen as a failure. And then they racked their brains on how to sell (worthless) diamonds that no one wanted in the first place. Countless dudes have been conned and countless senseless ladies have been deceived that this piece of shiny rock are really what it all matters in their marriage. Marketing campaign? Easily swayed by societal norms? Peer pressure? Oh well, you might already have the answers in your head. I genuinely believed that many guys will attest that the societal obligation to furnish a diamond engagement ring is both stressful and expensive. But here’s the thing – this obligation only exists because you are part of the equation.

Scam

For some whom have read this far, you might be so kind and just pass this off by not participating in the endless rigmarole of this societal pressure. But in reality, this is perhaps one of the biggest marketing scam in history orchestrated by the most successful cartel ever! While some might said that I'm a pragmatic, I beg to differ. Let's just say I'm mindful of what I spend and why I do what I do. Life can be simple without swaying to societal norms and every individual on planet earth should be smart enough to sieve through the rigmarole of stories presented as fairy tales to the unsuspecting masses.

Now if you ask me if I have got a diamond ring for my wife?

The answer is No.

It's that simple.