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4/20/14

It's not very common that a private company's marketing campaign goes viral. It's even rarer that one is able to push their brand into mainstream English vocabulary (read: Zamboni, Kleenex, Google etc). However placing your product at the center of societies most important social ritual? That's probably only been done once by a monopolist named De Beers, with the common mineral: Diamonds.

American males enter adulthood through a peculiar rite of passage - they spend most of their savings on a shiny piece of rock... Americans exchange diamond rings as part of the engagement process, because in 1938 De Beers decided that they would like us to. Prior to a stunningly successful marketing campaign 1938, Americans occasionally exchanged engagement rings, but wasn't a pervasive occurrence.

The De Beers marketing machine continued to churn out the hits. They circulated marketing materials suggesting, apropos of nothing, that a man should spend one month's salary on a diamond ring. It worked so well that De Beers arbitrarily decided to increase the suggestion to two months salary. That's why you think that you need to spend two month's salary on a ring - because the suppliers of the product said so.

Today, over 80% of women in the US receive diamond rings when they get engaged. The domination is complete.

The supply of diamonds is basically controlled by one company that in turn convinced everyone that what it was selling is valuable.

As a naive undergrad student I think it's weird how people shell out big money for diamonds and other jewelry. I understand things like fine wine and art, because of their rarity, but diamonds aren't rare and perfect stones can be synthesized nowadays. It seems like a product that is bought only because it is expensive.

Will you buy one if your significant other wanted it?

Source:
Diamonds are a Sham and it's Time We Stopped Getting Engaged With Them

Comments (291)

Best Response
4/14/14

"Yeahhh man, women are sooooo irrational, I don't get it!!!" As he kicks back in his $800 Aeron; sporting a $200 Hermes tie, $700 horsebit Ferragamos, a $1,500 Burberry suit and a $10,000 Rolex; looking out from his 40th floor, $250/sq. ft. office space at 9 West; splitting up his $25,000/month Hamptons rental to compliment his $4,500/month 2br/flex-3 in Stuy Town; dreaming about his future $100,000 sports car; and buying his $2,000 Super Bowl tickets.

Classic WSO.

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4/13/14

If you plan on not getting your wife a diamond ring, all I can say is, good luck.

4/13/14

I won't.
I agree that the rarity of diamonds is misconceived; the big diamond companies control the supply that arrives at market, creating artificial scarcity. The reason why they're so expensive is mainly because these companies stockpile a bunch of diamonds and then sell them in low supply relative to the total amount of diamonds they have stockpiled.

4/13/14

Not a chance. Ethics aside, it's worthless.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer
"Your grammar made me wish I'd been aborted." -happypantsmcgee

4/14/14

Just went through the process of buying one. All I can say is the money you drop acquiring one will mean nothing compared to the impact on your life and finances if you chose the wrong person.

Just deal with it and shell out the cash.

"If you want to succeed in this life, you need to understand that duty comes before rights and that responsibility precedes opportunity."

4/14/14

Get a cube Z. Why people continue to mindlessly do what they are told they have to do is beyond me. Worst case scenario is she breaks with you which isn't an issue since you'll have your 20-30k or whatever and can easily find another woman.

4/14/14
patternfinder:

Of course, I would just buy in scales.

See my WSO Blog | my AMA

In reply to CorpFinanceGuy
4/14/14

Was actually talking about this at work the other day because an associate I work with is getting ready to propose. Agree w/ CorpFinanceGuy....if you don't buy your fiancee a diamond ring, good luck....

4/14/14
In reply to notthehospitalER
4/14/14

100% agree. Unless she specifically asks for something other than a diamond...suck it up.

"Everybody needs money. That's why they call it money." - Mickey Bergman - Heist (2001)

4/14/14
4/14/14

I was dead set on getting her one but she said multiple times that she doesn't want a diamond ring or any ring with a large stone in it. Everyone I have mentioned this to (myself included) thinks its weird as hell but she legitimately doesn't want one. She really hates flashy thing/jewelry so i guess it makes sense.

4/14/14

If I bought her a fake, would she even be able to tell the difference?

People demand freedom of speech as a compensation for freedom of thought which they seldom use.

4/14/14
In reply to TNA
4/14/14

TNA:

Get a cube Z. Why people continue to mindlessly do what they are told they have to do is beyond me. Worst case scenario is she breaks with you which isn't an issue since you'll have your 20-30k or whatever and can easily find another woman.

Must be some girl that is worth less to you than a couple k...I guess another girl like that shouldn't be too difficult to find

Brush away the cobwebs from your daydreams
4/14/14

If the diamond has scratches, then it's fake.
Call me a tomboy, but I really don't see the appeal of diamonds. Sure they're sparkly and tough as hell and all, but in the end it's just an overly expensive rock that screams "Rob me! rob me!"

In reply to dbid
4/14/14
4/14/14

Yes, the money saved just wouldn't be worth the amount of nagging and shit I would get from my family, her family and friends. I enjoy my peace.

In reply to MissMoneyPenny
4/14/14
4/14/14

we studied this phenomenon in my consumer culture class, fascinating. De Beers did some brilliant marketing (placement in movies basically teaching men how to propose). what was my prof's conclusion.... something like 'you'll probably have to end up buying her a ring, just don't spend your life savings on it"
http://diamondsordogs.com/dogs/2012/05/the-real-hi...

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4/14/14

People demand freedom of speech as a compensation for freedom of thought which they seldom use.

4/14/14

It doesn't really matter why girls expect diamond rings, the point is most girls have come to accept them as social symbols of commitment (and they also want the joy of being able to brag to their friends and family and post it on facebook and parade around for a while). Whether or not you should bother getting married is a separate issue but if you are going to and prefer to actually have a fiance and one without lingering resentment, I don't think you have much choice unfortunately.

Brush away the cobwebs from your daydreams
4/14/14

Never bought my wife a ring (with or without diamond). She earns enough money that she can buy herself one if she wanted one, but she does not want one.

Those who can, do. Those who can't, post threads about how to do it on WSO.

4/14/14

LOL @ all these finance nerds talking a big game. I know you all think you're so intellectually superior and above societal norms, but there's no fucking way a normal girl would let you get away with not getting her a diamond ring.

99.9% of every girl has been dreaming about that moment since she was 12 years old.

In reply to CorpFinanceGuy
4/14/14

I got the 0.1%.

Didn't want a ring, didn't want a wedding.

My tips for happy marriage - choose a lady with low expectations and high self-discipline.

Those who can, do. Those who can't, post threads about how to do it on WSO.

In reply to SSits
4/14/14

SSits:

I got the 0.1%.

Didn't want a ring, didn't want a wedding.

My tips for happy marriage - choose a lady with low expectations and high self-discipline.

As long as we can agree that's the .1%, Congrats.

In reply to SSits
4/14/14

SSits:

I got the 0.1%.

Didn't want a ring, didn't want a wedding.

My tips for happy marriage - choose a lady with low expectations and high self-discipline.

Aren't you the guy who commented recently of having an unhappy marriage lol

Brush away the cobwebs from your daydreams
4/14/14

OK. I gotta follow up as I didn't feel there were significant posts on WSO for this type of decision when i made it. I've had one freaking roller coaster of a ride for the past few months.

I bought a very expensive designer ring (Ex. Graff / De Beers / Harry Winston) and it was perfect. Then 1 months later my fiance lost it. I had it appraised for 30% above cost and had it insured so boom - got all my money back and some. Ended up realizing there is little reason for going designer when doing the second ring and decided to get a custom one made with jewish jeweler in NYC that was much higher quality (prob 25% more) for the same price due to no brand premium.

If anyone has Q's feel free to PM. I'd be happy to let you know the trade offs of each experience as well as the diamond specs I'd make sure to get. After 4 months negotiating with gemologists I've finally started to understand how the freaking market prices everything.

Best of luck to you boys. Remember - it's girl that's a much more important decision than the ring.

"If you want to succeed in this life, you need to understand that duty comes before rights and that responsibility precedes opportunity."

4/14/14

What is the typical amount spent on a ring as a % of salary? Several girls have told me that their friends expect their rings to cost about 3 months salary, which I think is insane.

In reply to Going Concern
4/14/14

Going Concern:

SSits:

I got the 0.1%.

Didn't want a ring, didn't want a wedding.

My tips for happy marriage - choose a lady with low expectations and high self-discipline.

Aren't you the guy who commented recently of having an unhappy marriage lol


Definitely because of the ring

speed boost blaze

4/14/14

I get that if your girl (or guy) just wants one, it's probably not worth fighting over it, but why not go with something like cubic zirconia or moissanite that's both more ethical and more perfect structurally and put the savings to something that will make both of you more happy?

In reply to CorpFinanceGuy
4/14/14

This.

It's funny to hear the college sophomore who's never had a relationship longer than a few months proclaim that he will not be buying a diamond ring. Good luck buddy! Women have been dreaming of their perfect wedding dress, wedding venue, wedding ring, and hell even the wedding food ever since 4 years old when they started dressing up as a princess.
I've been married for a couple years and trust me this pragmatic and efficiency over everything mindset won't fly in any worthwhile relationship.

In reply to MMBanker14
4/14/14

You can't go wrong with a Neil Lane ring fit with a cubic zirconia (I think the Bachelor did a great job of making this designer appeal to every single women). It would only be 3-5k and in 5-10 years, assuming you're not making PE shop money now, you can upgrade to a real diamond.

In reply to Anihilist
4/14/14

Not in a 1,000 years. Just never mention that it's fake.

4/14/14

Gotta love the butt hurt men in this thread. If you want to buy a ring, do it. My desire to buy a ring or not isn't a reflection of the quality of woman I or anyone dates.

I would buy a ruby ring. I would give $30K in cash. I'd buy a gold bar for the woman. I am simply not going to waste money on something with zero value. Frankly, any woman who couldn't think rationally about it wouldn't be someone I would want to be with. I mean what's next? You'll need a massive home because her friends have one. Or is a BMQ a sign of love now?

Guys should do whatever they want, but don't make it out to be anything other than you giving into an obvious marketing campaign or not having the sack to say no to a woman.

Also kind of funny how simple gold bands were the standard for hundreds of years, but now marriage is so badass, especially with the 50% divorce rate, that it demands a massive rock.

Side note, no one is talking about a $5K ring. I mean if I ever did get married (bad mistake #1) I would happily buy a $5K ring. I would buy a $10k ring. Because who fucking cares. But we are talking about $20-30K rings here. 2-3 carats. Sorry, but I am not wasting a 3 series worth of cash for something with zero asset value.

4/14/14

the worst is when they want diamonds for other occasions... i didn't mind getting the engagement ring, but now it looks like i'll be stuck wasting more money on jewelry... such a waste.

In reply to TNA
4/14/14

Solid rant brah...would love to be a fly on the wall when you explain to a girl how to think rationally and analyze asset values

Brush away the cobwebs from your daydreams
In reply to Going Concern
4/14/14

Going Concern:

Solid rant brah...would love to be a fly on the wall when you explain to a girl how to think rationally and analyze asset values

Not really a rant, simply facts. No where did I ever say you should do what I do. You working for DeBeers or something?

I mean the conversation would simply be "no, I am not doing it" and then that would be that. Considering I've said that to prior girlfriends it manages to work out just fine.

But cool dude. Keep getting angry when someone chooses to not do what you think is a rule when in fact it is simply DeBeers selling people bullshit for 80 years.

In reply to Going Concern
4/14/14

Going Concern:

It doesn't really matter why girls expect diamond rings, the point is most girls have come to accept them as social symbols of commitment (and they also want the joy of being able to brag to their friends and family and post it on facebook and parade around for a while). Whether or not you should bother getting married is a separate issue but if you are going to and prefer to actually have a fiance and one without lingering resentment, I don't think you have much choice unfortunately.

Exactly what I was gonna write. She can't post pictures of "I love you" or "life-long commitment" on FB

4/14/14

However it started, and no matter how shitty the diamond market is, some things just have to be done. Maybe you'll find the 1/1,000,000 girl that doesn't want or care about a diamond ring. Wonderful. That's not normal and is quite unlikely. Just about every one of you will end up buying one.

In reply to Going Concern
4/14/14

Going Concern:

Solid rant brah...would love to be a fly on the wall when you explain to a girl how to think rationally and analyze asset values


Dude, we get it: Most girls can't think rationally about this just like how they can't think rationally about most other things. The average man can't think rationally about most things either.

But do you really strive to marry (if you're into that) an average girl? Are we not the high financier types with great prospects, wit, and offensively good looks? We shouldn't have to settle for a girl who can't conform to our worldviews.

heister:
Look at all these wannabe richies hating on an expensive salad.

In reply to TNA
4/14/14

TNA:

Going Concern:

Solid rant brah...would love to be a fly on the wall when you explain to a girl how to think rationally and analyze asset values

Not really a rant, simply facts. No where did I ever say you should do what I do. You working for DeBeers or something?

I mean the conversation would simply be "no, I am not doing it" and then that would be that. Considering I've said that to prior girlfriends it manages to work out just fine.

But cool dude. Keep getting angry when someone chooses to not do what you think is a rule when in fact it is simply DeBeers selling people bullshit for 80 years.

LOL @ these kids that can't get over the fact someone executed a fantastic marketing plan 80 years ago. I'm seriously sitting here laughing at my desk. @Going Concern, they don't understand that NAV means jack shit to a 25yo PR specialist.

Also, "I mean the conversation would simply be "no, I am not doing it" and then that would be that."

That quote kills me. Please, try doing that. You should probably stick to giving advice on MSF's and not GF's.

4/14/14

I don't remember really giving any advice. I simply stated what I was going to do. Everyone is different and should operate accordingly. I'll say this. If you have a girl that demands a certain type ring you better be prepared for someone who is going to demand a car, house, vacation, etc.

In reply to CorpFinanceGuy
4/14/14

CorpFinanceGuy:
@Going Concern, they don't understand that NAV means jack shit to a 25yo PR specialist.

I think it's hilarious some people write like a dozen paragraphs and go on some anti-establishment crusade and don't bother to mention even once what the girl might be thinking

Brush away the cobwebs from your daydreams
In reply to SSits
4/14/14

Shouldn't we call that "diamond in the rough" ?

"I like money (as do most females) but love is...great :)"-student
"Perhaps you've failed to take into account my hidden assets"-007
Omnia

4/14/14

In b4 this turns into a discussion on the merits of marriage. #WSO

In reply to dbid
4/14/14

tbid:

If the diamond has scratches, then it's fake.

Call me a tomboy, but I really don't see the appeal of diamonds. Sure they're sparkly and tough as hell and all, but in the end it's just an overly expensive rock that screams "Rob me! rob me!"

You are full of sh.t diamond can scratch. Google it

In reply to TNA
4/14/14

TNA:

Get a cube Z. Why people continue to mindlessly do what they are told they have to do is beyond me. Worst case scenario is she breaks with you which isn't an issue since you'll have your 20-30k or whatever and can easily find another woman.

Cube Z are more expensive for smaller stones than diamonds. They marginally get cheaper as you go big, at 2 carat you are in the money with a Z.
Otherwise they look like a Z, and I can tell easily by the naked eye that it's a Z.

In reply to Disjoint
4/14/14

Disjoint:

el0430:

If the diamond has scratches, then it's fake.

Call me a tomboy, but I really don't see the appeal of diamonds. Sure they're sparkly and tough as hell and all, but in the end it's just an overly expensive rock that screams "Rob me! rob me!"

You are full of sh.t diamond can scratch. Google it


only with a bigger diamond

heister:
Look at all these wannabe richies hating on an expensive salad.

4/14/14

You buy branded sh.t don't you? And pay more for it, even if it was made by a 5 year old Chinese kid got 2 cents.
Suck it up, and buy a diamond.
They are beautiful stones - all that shit about it being not rare etc.. Is just shit excuses. The supply is extremely well controlled, and a flood of diamond is not about to go all over the market and make that stone worthless for the next 100 years. The Grand pa of a persian friend of mine shoved a bunch of diamonds up his ass when he got out of the country. It helped him carry a bit of his money with him. It's great for laundering or carrying money in case of war.

So diamonds not rare? Who cares, supply are controlled and will be for a very long time.

Were as for your fiancee. Don't be a cheap fuck. Buy her a diamond, she is already putting up with you, be nice.

In reply to GoldenCinderblock
4/14/14

GoldenCinderblock:

Disjoint:
el0430:

If the diamond has scratches, then it's fake.

Call me a tomboy, but I really don't see the appeal of diamonds. Sure they're sparkly and tough as hell and all, but in the end it's just an overly expensive rock that screams "Rob me! rob me!"

You are full of sh.t diamond can scratch. Google it

only with a bigger diamond

Try smashing it against the ground with all your weight. You'll see. It might even crack if you do it properly. THey say other diamonds might scratch it - reason is so that customers don't stach all their diamonds together as you rae right, there is a good chance of them scratching each other.

In reply to Disjoint
4/14/14

Disjoint:

You buy branded sh.t don't you? And pay more for it, even if it was made by a 5 year old Chinese kid got 2 cents.

Suck it up, and buy a diamond.

They are beautiful stones - all that shit about it being not rare etc.. Is just shit excuses. The supply is extremely well controlled, and a flood of diamond is not about to go all over the market and make that stone worthless for the next 100 years. The Grand pa of a persian friend of mine shoved a bunch of diamonds up his ass when he got out of the country. It helped him carry a bit of his money with him. It's great for laundering or carrying money in case of war.

So diamonds not rare? Who cares, supply are controlled and will be for a very long time.

Were as for your fiancee. Don't be a cheap fuck. Buy her a diamond, she is already putting up with you, be nice.

Seconding this and would like to add that, although raw diamonds are not rare, well cut investment grade GIA certified diamonds generally increase in value over time with inflation, or much more for very rare diamonds(e.g. colored or very large). If you buy from a family dealer or wholesaler you won't pay much of a mark-up and could sell it for a profit in 5-10 years if you had to.

To claim a diamond has zero value because it is propped up by De Beers supply restrictions and marketing is like saying equities have zero value because they are propped up by the Fed or that the USD has zero value because the government is broke.

In reply to Disjoint
4/14/14

I replied to missmoneypenny and said "usually*".

In reply to GoldenCinderblock
4/14/14

GoldenCinderblock:
We shouldn't have to settle for a girl who can't conform to our worldviews.

Whether or not a girl wants a diamond ring is not on my priorities for desired "worldviews"...girls will be girls, and boys will be boys.

This article does a nice job of describing some qualities that are important:
http://waitbutwhy.com/2014/02/pick-life-partner-pa...

That's the important stuff.

Brush away the cobwebs from your daydreams
4/14/14

Give your fiance some acid then send her to a mine where diamonds are made. After 7 or so hours, said individual would want nothing to do with those things. If the option is not feasible .... mining videos should do the trick. I'm sure You Tube got some documentaries.

4/14/14
4/14/14

Can't believe nobody here knows what the fuck lab diamonds are...

FAR more pure, ethical, and inexpensive than natural diamonds, and 100% real. If you buy a natural or Cube Z, you're an idiot.

$60k natural ring = $2k lab ring (caveat: this only works when you're already rolling dough and don't want to blow your bonus on a rock)

4/14/14

I'm not opposed to a cheapo rock ($1-5k), but the future wifie and I will be getting plain, platinum bands. Engagement ring cash is going into a travel fund and an education fund for the kids.

It's going to cost at least $250k in today's dollars to raise a single kid. Tack on prep school, sports, summer camps, and vacations, and you're running $500k+.

If she doesn't like it... tough luck. Self-selection is a powerful way to prevent yourself from making the worst financial decision of your life.

In reply to TheBigBambino
4/14/14

TheBigBambino:
I bought a very expensive designer ring (Ex. Graff / De Beers / Harry Winston)

I cracked up at you using the "think: (DB / CS / UBS)" format for your ring designer. I was planning on calling all the sales people for your diamond company in all the east coast and west coast cities to get them to divulge your true identity. And now it's going to take me three times longer, fuck! ... and that's assuming you didn't just got to Jared.

In reply to adapt or die
4/14/14

adapt or die:

TheBigBambino:

I bought a very expensive designer ring (Ex. Graff / De Beers / Harry Winston)

I cracked up at you using the "think: (DB / CS / UBS)" format for your ring designer. I was planning on calling all the sales people for your diamond company in all the east coast and west coast cities to get them to divulge your true identity. And now it's going to take me three times longer, fuck! ... and that's assuming you didn't just got to Jared.


Excellent!

heister:
Look at all these wannabe richies hating on an expensive salad.

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4/14/14

Tiffany is deffo an elite boutique

In reply to Solidarity
4/14/14

Solidarity:

Tiffany is deffo an elite boutique

Sweatshop hours for their (overseas) employees ... soooooo Lazardish

In reply to JrMistMaker
4/14/14

JrMistMaker:

I was dead set on getting her one but she said multiple times that she doesn't want a diamond ring or any ring with a large stone in it. Everyone I have mentioned this to (myself included) thinks its weird as hell but she legitimately doesn't want one. She really hates flashy thing/jewelry so i guess it makes sense.


It's a trap...
4/14/14

yep, but im sure not gonna let her carry it around all the time
people get murdered for big-sized rocks

In reply to TNA
4/14/14

http://www.nytimes.com/2007/09/29/opinion/29wolfer...

due diligence - 50% divorce rate is just bad statistics and not reality. There is a study done by a Harvard Economist worth reading on the topic, but I forgot her name.

In reply to adapt or die
4/14/14

he did say it was nyc, so your job just got a whole lot easier

4/14/14

Ask Patrick. :) @WallStreetOasis.com

Metal. Music. Life. www.headofmetal.com

4/14/14

You pretty much have to these days

In reply to CorpFinanceGuy
4/14/14

This is very true....I would go so far as to say that girls who know people in finance make more money than people in many other careers would expect a nicer, more expensive ring...

In reply to ishouldbstudying
4/14/14

You are plain wrong - most girls will have looked at rings and know exactly what they like and don't like, and most girls will be able to tell quite easily if the ring is fake

In reply to TNA
4/14/14

Haha no offence because I respect a lot of your posts on here....but I'm loling pretty hard at you saying you've told it to "prior" girlfriends and its worked out fine - wonder if the same will hold true if it's the girl you want to end up with and she wants a ring.

As a side note, I think the rings most girls would expect of guys working in well-paying jobs would far exceed 30k - and be closer to 50+. I'm not yet comfortable with the idea of spending that on a ring, but I think I will get there.

4/14/14
4/14/14

I paid for the brand name. There are some things that you "get what you pay for" and after shopping around at some cheaper places, Tiffany's was just all around better. I paid more, but the service before after and during purchase was a million times better than any place I went to.

make it hard to spot the general by working like a soldier

In reply to notthehospitalER
4/14/14

notthehospitalER:

Haha no offence because I respect a lot of your posts on here....but I'm loling pretty hard at you saying you've told it to "prior" girlfriends and its worked out fine - wonder if the same will hold true if it's the girl you want to end up with and she wants a ring.

As a side note, I think the rings most girls would expect of guys working in well-paying jobs would far exceed 30k - and be closer to 50+. I'm not yet comfortable with the idea of spending that on a ring, but I think I will get there.

$30-50k on an engagement ring? Is this a joke? Suppose it came to that, I'd give them a choice- do they want a $30k car, or a $30k ring? If they choose the ring, they're gone.

In reply to notthehospitalER
4/14/14

notthehospitalER:
guys working in well-paying jobs would far exceed 30k - and be closer to 50+

What would P.T. Barnum say about you?

In reply to notthehospitalER
4/14/14

notthehospitalER:

Haha no offence because I respect a lot of your posts on here....but I'm loling pretty hard at you saying you've told it to "prior" girlfriends and its worked out fine - wonder if the same will hold true if it's the girl you want to end up with and she wants a ring.

As a side note, I think the rings most girls would expect of guys working in well-paying jobs would far exceed 30k - and be closer to 50+. I'm not yet comfortable with the idea of spending that on a ring, but I think I will get there.

50k in what currency? Very, very few women would be expecting a $50,000 ring, even if you were making $1MM+. It's threads like this which make me realize how many children frequent this site.

If you're going to get married, get a diamond ring. You could easily spend less than $10k for a decent ring. It's not a choice of $50k+ or $10 silver ring from the mall. You don't have to go crazy.

adapt or die:
What would P.T. Barnum say about you?

MY BLOG

4/14/14

Why would I sell 50% preferred equity in myself for free much less buy a pebble?

4/14/14

Sir TradesAlot with the most adult response of all of us.

4/14/14

I went through this a couple of years ago. I always thought no way I am going to waste money on a material item that provides no use in daily life a gum ball machine pops out rings for $0.25.

Well of course I bought a diamond. However, there are two ways to get maximum value for your dollar.

1. Obtain a diamond dealers license and buy directly on the market. It will save you 50-80%, which is thousands. It doesn't take much research and a license is pretty easy to acquire. If you are in NYC someone may just have a family member or friend in the business.

2. Buy online and then have the stone set in a ring later. You will save 30-40%. I did this an was able to buy a stone that was much nicer than I ever would have bought through a traditional retailer. It worked out great since her grandmothers ring had a CZ in it because she gave the diamond away already.

Best of luck to those "never going to fall prey".

4/14/14

All jokes aside. How much coin should an engagement ring set you back? Varying folks say saying things

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it

4/14/14

I won't insert myself into this debate about whether diamonds are "worth the money spent" - it's simply a judgment of value.

That said, what I find most interesting about this thread is the illusory distinction between diamonds, whose demand is, putatively, "artificial", and other non-essential goods/services, whose demand is "justified". I hate to be the one to break it to you, but every dollar you spend beyond that which satisfies your primal needs is directed by the "artificiality" of marketing. There is no sense in which you "need" a Mercedes vs. a Ford, a penthouse vs. a pre-war studio, a Rolex vs. a Fossil, a dinner at Per Se vs. a dinner at McDonald's. You are persuaded by the appeal of product placement to your peculiar sensibilities.

The idea that there is some "rational" set of values as distinct from "irrational" alternatives is an exercise in both pure vanity and blissful ignorance. So quick to identify the marketing at play with respect to diamonds, yet so blind to the marketing at play with respect to your Bosch appliances, $10 sandwich, $50k car, view of the city/ocean, leathery-ness of your shoes, bespoke fit of your suit and win:loss ratio of your chosen sports franchise.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."

4/14/14

I was waiting for NorthSider to get into the fray.

4/14/14

I don't even think Jamie Dimon would purchase a $50K diamond. Walk into a Tiffany's and ask to see a 3kt-4kt diamond. Those things are a monstrosity and probably reserved for plus size women.

4/14/14
In reply to pktkid10
4/14/14

pktkid10:

All jokes aside. How much coin should an engagement ring set you back? Varying folks say saying things

People say all sorts of bullshit. I spent about one week's worth of pay on an engagement ring and got zero complaints. Of course, I ended up buying an upgraded one 5-8 years later as well when I was making a bit more money (and was splurging on unnecessary watches). Just spend what you want and don't worry about other people so much.

adapt or die:
What would P.T. Barnum say about you?

MY BLOG

4/14/14

No one pays $700 for normal horsesbit loafers, let's be rational here.

4/14/14

Had my wife's ring custom-made in Asia. Real white gold, cube z, less than $1K. Three years later it's still doin it's job. Wouldn't have done it any other way.

4/14/14

1. Cubic zirconia, in my opinion, sounds cooler

2. If she cares that much about something as petty and materialistic as a ring, she's probably the wrong girl for me

I want a girl who loves me for me, not for the $$$ I'm willing to spend on her

"A modest man, with much to be modest about"

In reply to Skinnayyy
4/14/14

If the level of service is truly that important to you, I can't argue, but you probably paid 30-50% markup for the Tiffany's service. I spent time looking at Tiffany's, Diamonds Direct (non-name brand diamond supplier), and online over the last few months, and eventually chose to purchase my diamond online for $11,500. A diamond of approximately the same size, clarity, cut, color, and grading agency was offered to me at a final price of $14,900 at Diamonds Direct, the non-name brand retailer. Without a doubt, additional markup would have been incurred on the setting at either retailer.

To say "get what you pay for" is just wrong. You paid 30% markup for somebody to teach you what she wants and then sell it to you at a price they deem is fair. I ended up with the same result, as certified by GIA, whether I went to a retailer or online, but I estimate that I was able to save ~$4,000. The process required planning ahead, an extra Saturday afternoon at the jewelry store getting learned up, and few extra hours on blogs reading about reputable online sources, but it was absolutely worth it to me.

Also, I really hope Tiffany's helped you find away around retail sales tax and that you throw away an additional 6-8% on top of the example retail price above.

4/14/14

Who the fuck lives in Stuy Town if you had a spot in the Hamptons? Are you new to NYC and living there or some shit that you think Stuy town is a balling place ? Do you buy bottles at joshua tree and mercury too?

Lol @ the "oh enjoy being single" holier than thou commentary from the married guys who are prideful about their ring purchasing ability . do whatever you want , nothing wrong with slaying 20s when you're in your 40s. Better than getting half your rev jacked for alimony after your wife divorces you for working 90 hour workweeks and she begins screwing abercrombie retail guys she finds after shopping for your kids clothes and or on cougarmeet.com

4/14/14

if buying a rock makes your woman happy, I say do it.

happy wife, happy life!

i'm not smart enough to do everything, but dumb enough to try anything

4/14/14

And whatever the fuck a normal girl is -- I know more than a couple girls who were fine without a rock when they got engaged .

Don't bash someone else's decision because your wife made you play the game

In reply to shorttheworld
4/14/14

shorttheworld:

Who the fuck lives in Stuy Town if you had a spot in the Hamptons? Are you new to NYC and living there or some shit that you think Stuy town is a balling place ? Do you buy bottles at joshua tree and mercury too?

Oh yes, and I also think a 2br/flex-3 is the epitome of "classy". The number of Stuy Town flex-bedroom junior bankers with Hamptons rentals split 47 ways is truly innumerable.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."

4/15/14

How are you planning on financing the diamond ring? My recommendation would be to back it with as much leverage as possible- make use of that tax shield! Also, check out some of the market comps. Relevant ratios to use include but aren't limited to (ring price/wife's hotness), (ring price/wife's cup size), (ring price/how much she puts out).

While we're on the subject of marriage, make sure you regress your potential mate's income potential with hotness. These assets tend to depreciate extremely fast once they reach ~ 25 years so make sure you are accounting for that. Let me know if I can assist you further. Cheers!

4/15/14

I'm not planning on getting married anytime soon, but I would bet a lot of money that I will be buying a diamond ring. If the girl doesn't want one, fine with me, but I doubt that will be the case. Now since she will likely want one, she will probably like a very nice one, (just like I will like a nice car and home), so I'll get her that.

4/15/14

I like how this thread transitioned from buying a diamond ring to buying a 50k diamond ring, lol. A decent looking reasonably priced diamond ring is standard fare for the whole marriage proposal thing, but if she's expecting something that costs more than a 5-series BMW she's a gold-digger. Getting a diamond ring doesn't equate to just buying anything.

Brush away the cobwebs from your daydreams
4/15/14

JrTrader:

I understand things like fine wine and art, because of their rarity, but diamonds aren't rare and perfect stones can be synthesized nowadays. It seems like a product that is bought only because it is expensive.

Will you buy one if your significant other wanted it?

Source:

Diamonds are a Sham and it's Time We Stopped Getting Engaged With Them

This makes no sense. You cant understand why people pay for diamonds but you can understand why for art??? Art has no value whatsoever and you can easily get a replica that captures the piece EXACTLY.

In reply to kfuzion
4/15/14

Dude 3 months salary...if you follow the rule and are making 300k base by the time you buy a ring for example, that's a 75k ring....there is a reason why very, very expensive rings exist - people buy them all the time

In reply to SirTradesaLot
4/15/14

I think you underestimate how many people buy 50k+ rings...I have seen many people with rings that cost 6 figures easily

4/15/14

does anyone else find MissMoneyPenny to be incredibly annoying? or is it just me

I eat success for breakfast...with skim milk

4/15/14

What about buying her a $3k ring and donating $30k to charity, in her name? How do you think she would react?

In reply to TexasAcqMonkey
4/15/14

I know I paid a big mark up and I'm fine with that. I paid that mark up so I didn't have to worry about going through and doing all the research on my own. I knew I was getting a good quality product.

Also, this may not seem like much, but being able to just walk in any day of the week and get your ring cleaned for free is nice when your wife/fiance wants to keep her stone shiny.

They also warranty their rings so if a prong breaks off or anything like that, they'll replace it for free.

Being nervous when buying an engagement ring because it's a big life move, not being pressured into buying a ring and actually helped in a calm manner instead of "what'll it take for you to buy this ring today?" helps a lot too.

make it hard to spot the general by working like a soldier

In reply to CreditAnalyst85
4/15/14

CreditAnalyst85:

JrTrader:

I understand things like fine wine and art, because of their rarity, but diamonds aren't rare and perfect stones can be synthesized nowadays. It seems like a product that is bought only because it is expensive.

Will you buy one if your significant other wanted it?

Source:

Diamonds are a Sham and it's Time We Stopped Getting Engaged With Them

This makes no sense. You cant understand why people pay for diamonds but you can understand why for art??? Art has no value whatsoever and you can easily get a replica that captures the piece EXACTLY.

Or you can buy an "original" piece, that is also a fake.
http://www.cbsnews.com/news/art-forger-wolfgang-be...

The art world is completely ridiculous. I worked at an art institute and it just boggles my mind.

make it hard to spot the general by working like a soldier

4/15/14

Has little to do with tossing away $5K-$10K, has everything to do with finding a woman who doesn't need to constantly keep up with the Jones'. That's the real diamond.

4/15/14

I couldn't read through this entire thread. Some of the nonsense in it is crazy. I just proposed to my high school sweetheart. She has put up with my shit for over a decade now. I even convinced her that I wasn't going to be able to swing an engagement ring and since she is awesome and totally worth it she was fine with it. After months of shopping/researching I got a fantastic deal on an flawlessly cut round diamond that is breath taking. I then had it set in a unique trench setting for snag free wear since she is an RN. She was absolutely floored when I sprung it on her and it feels fantastic when I catch her looking at it and smiling. Such a simple thing to make the one you are supposed to love for the rest of your life happy. And I spent no where near $10k+.

4/15/14

If she buy me a Lambo, I'll buy her a ring. Else, she can go be a parasite on someone else's d*ck.

In reply to TonyPerkis
4/15/14

TonyPerkis:

does anyone else find MissMoneyPenny to be incredibly annoying? or is it just me

MissMoneyPenny is and has always been a turd
4/15/14

If the prenup says that I will get it back

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

See my Blog & AMA

In reply to Matrick
4/15/14

Matrick:

If the prenup says that I will get it back


/thread

speed boost blaze

4/15/14

amount spent on ring = amount she funds into my brokerage account.

4/15/14

I won't. We already arranged that we'll take all the money that we would spend in a fancy Wedding party and expensive jewelry and we'll travel together as Honeymoon :)

One really expensive diamond ring can pay for one-month at the best romantic Resorts in the Caribbean.

4/15/14

You buy the ring for the experience of seeing the excitement on her face as you ask and when she stares at it with a smile on. Your girl may not want one, but I'm damn sure she will be thrilled to have it after her closest friends or a stranger compliments her on how lucky she is.

...

In reply to BreakingRich
4/15/14

BreakingRich:

You buy the ring for the experience of seeing the excitement on her face as you ask and when she stares at it with a smile on.

Pretty expensive smile, that is.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."

In reply to BreakingRich
4/15/14

So she's not smiling because you've proposed marriage, but because she can run a calculus of the $ value of your commitment?

Those who can, do. Those who can't, post threads about how to do it on WSO.

In reply to Matrick
4/15/14

Matrick:

If the prenup says that I will get it back

now there's a foundation to rest your marriage on

In reply to SSits
4/15/14

SSits:

So she's not smiling because you've proposed marriage, but because she can run a calculus of the $ value of your commitment?

I'm sure you mean calculation. If she was running a calculus she would be measuring the rate of change of your commitment, which for a single non-variable integer is zero.

In reply to diverse_kanga
4/15/14

Love degrades. The point of proposal represents the maximum $ value of your commitment. Let f(t) be the value of your commitment and f(t) = k.e^(-t^2) where k is some constant, for the range t = time of proposal (f'(t) = 0) to t = death. Take the definite integral between those two points to get the value of love outstanding before death. My calculus is a little rusty, so excuse any errors in that approach.

Those who can, do. Those who can't, post threads about how to do it on WSO.

In reply to diverse_kanga
4/15/14

diverse_kanga:

SSits:

So she's not smiling because you've proposed marriage, but because she can run a calculus of the $ value of your commitment?

I'm sure you mean calculation. If she was running a calculus she would be measuring the rate of change of your commitment, which for a single non-variable integer is zero.

Who said commitment is not a function of time lol?

In reply to TNA
4/15/14

TNA:

Gotta love the butt hurt men in this thread. If you want to buy a ring, do it. My desire to buy a ring or not isn't a reflection of the quality of woman I or anyone dates.

I would buy a ruby ring. I would give $30K in cash. I'd buy a gold bar for the woman. I am simply not going to waste money on something with zero value. Frankly, any woman who couldn't think rationally about it wouldn't be someone I would want to be with. I mean what's next? You'll need a massive home because her friends have one. Or is a BMQ a sign of love now?

Guys should do whatever they want, but don't make it out to be anything other than you giving into an obvious marketing campaign or not having the sack to say no to a woman.

Also kind of funny how simple gold bands were the standard for hundreds of years, but now marriage is so badass, especially with the 50% divorce rate, that it demands a massive rock.

Side note, no one is talking about a $5K ring. I mean if I ever did get married (bad mistake #1) I would happily buy a $5K ring. I would buy a $10k ring. Because who fucking cares. But we are talking about $20-30K rings here. 2-3 carats. Sorry, but I am not wasting a 3 series worth of cash for something with zero asset value.

I'm pretty sure autos are the absolute worse "asset class" to own and depreciate at a rate far, far higher than diamonds.

In reply to diverse_kanga
4/15/14

aaaaaaaaaaand we found the one who takes this a bit too serious.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

See my Blog & AMA

In reply to SSits
4/15/14

Riiight this is exactly what's going through her mind as she contemplates the shiny pretty sparkles on her left hand. Besides, my calculus is a bit rusty too, but if you're saying f'(t) is zero then that implies no change over time. Also if you wanted to get the value of f(t) at t=death, you would just sub in the expected years of life remaining into the formula, no integration necessary. Not to mention -t^2 is always positive hence your function is exponential with f(t) increasing as t increases, which is cute, but violates your first premise that love degrades.

In reply to Gray Fox
4/15/14

Gray Fox:

TNA:

Gotta love the butt hurt men in this thread. If you want to buy a ring, do it. My desire to buy a ring or not isn't a reflection of the quality of woman I or anyone dates.

I would buy a ruby ring. I would give $30K in cash. I'd buy a gold bar for the woman. I am simply not going to waste money on something with zero value. Frankly, any woman who couldn't think rationally about it wouldn't be someone I would want to be with. I mean what's next? You'll need a massive home because her friends have one. Or is a BMQ a sign of love now?

Guys should do whatever they want, but don't make it out to be anything other than you giving into an obvious marketing campaign or not having the sack to say no to a woman.

Also kind of funny how simple gold bands were the standard for hundreds of years, but now marriage is so badass, especially with the 50% divorce rate, that it demands a massive rock.

Side note, no one is talking about a $5K ring. I mean if I ever did get married (bad mistake #1) I would happily buy a $5K ring. I would buy a $10k ring. Because who fucking cares. But we are talking about $20-30K rings here. 2-3 carats. Sorry, but I am not wasting a 3 series worth of cash for something with zero asset value.

I'm pretty sure autos are the absolute worse "asset class" to own and depreciate at a rate far, far higher than diamonds.

Actually not, vintage cars are among the most lucrative investments, around 400% over a 10 year period, not bad at all.
https://uk.finance.yahoo.com/news/classic-cars-on-...

In reply to Matrick
4/15/14

so i respond to a sarcastic comment with another sarcastic comment, and i get a monkey shit to the face. now who's taking this too seriously?

In reply to diverse_kanga
4/15/14

and why do you assume that i threw that at you?

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

See my Blog & AMA

In reply to diverse_kanga
4/15/14

diverse_kanga:
Besides, my calculus is a bit rusty too, but if you're saying f'(t) is zero then that implies no change over time. Also if you wanted to get the value of f(t) at t=death, you would just sub in the expected years of life remaining into the formula, no integration necessary. Not to mention -t^2 is always positive hence your function is exponential with f(t) increasing as t increases, which is cute, but violates your first premise that love degrades.

The fuck I just read? All I said was that the "rate of change of commitment" is not zero, because commitment is not a constant (unlike you've implied).

In reply to diverse_kanga
4/15/14

Nope, I'm saying f'(t) = 0 at the time of commitment only ie that represents the maximum point of your commitment. It's all downhill after that (f'(t)

(-t)^2 is always positive, but -t^2 is always negative. e^-t^2 is the normal distribution.

k is probably a function of how materialistic your lady is and how much you care about that.

I'd add a random factor for that young female intern working for you who foolishly decides flirting with the boss is the way to get ahead, but I don't know enough maths for that.

beep boop

Those who can, do. Those who can't, post threads about how to do it on WSO.

4/15/14

This thread is adorable. Do what you wanna do, but don't act like you have some higher level of existence by "not giving in to the system." I'm not here to argue that, I'm just here to defend the good name of diamonds as an investment class. So, for the record:

1) Diamonds have been and are likely to continue to be a pretty good investment

2) Diamonds are, in fact, limited in supply and OP doesn't characterize them accurately (they're no different than art or fine wine, and are actually better than both of those things because of their liquidity and categorization)

3) Not that it's relevant to anything, but diamond isn't without value outside of jewelry - it has plenty of commercial uses, not entirely useless like a painting

4) De Beers doesn't really control supply like that, they get way too much credit from the media

I hate victims who respect their executioners

4/15/14

NERD ALERT

Brush away the cobwebs from your daydreams
In reply to SSits
4/15/14

SSits:

It's all downhill after that (f'(t) < 0), as your fiance/wife will stop making as much of an effort, expect more etc so your commitment will degrade over time.

The second derivative f''(t) probably depends on how much you can delay having kids (if you have them at all).

Brush away the cobwebs from your daydreams
4/15/14

I feel sorry for those who have to buy a ring in order to marry their shallow minded wife.

In reply to AcctNerd
4/15/14

AcctNerd:

100% agree. Unless she specifically asks for something other than a diamond...suck it up.

It this some kind of pun?

Matrick:

[in reply to Tony Snark"]Why aren't you blogging for WSO and become the date doctor for WSO? There seems to be demand.

BatMasterson:

[in reply to Tony Snark's dating tip]
Sensible advice.

In reply to T-101
4/15/14

T-101:

She was absolutely floored when I sprung it on her and it feels fantastic when I catch her looking at it and smiling. .

Matrick:

[in reply to Tony Snark"]Why aren't you blogging for WSO and become the date doctor for WSO? There seems to be demand.

BatMasterson:

[in reply to Tony Snark's dating tip]
Sensible advice.

4/15/14

All I can say is that if I every get married, she's the one that will be proposing. Women have more to gain from marriage anyway.

Matrick:

[in reply to Tony Snark"]Why aren't you blogging for WSO and become the date doctor for WSO? There seems to be demand.

BatMasterson:

[in reply to Tony Snark's dating tip]
Sensible advice.

4/15/14

Traditionally an engagement ring was to signify that a women was "taken"; think wedding ring light. Now it is used to display conspicuous consumption.

If I was to go through with such a process, I mind as well use a wedding ring because the engagement would only last about a week before the event and because we would know each other more intimately than most married couples.

Matrick:

[in reply to Tony Snark"]Why aren't you blogging for WSO and become the date doctor for WSO? There seems to be demand.

BatMasterson:

[in reply to Tony Snark's dating tip]
Sensible advice.

4/15/14

think i'll offer my girl her student loans paid off or a ring of equal value

In reply to whatwhatwhat
4/15/14

whatwhatwhat:

think i'll offer my girl her student loans paid off or a ring of equal value

The problem is then it changes the relationship to one about money.

Matrick:

[in reply to Tony Snark"]Why aren't you blogging for WSO and become the date doctor for WSO? There seems to be demand.

BatMasterson:

[in reply to Tony Snark's dating tip]
Sensible advice.

In reply to Tony Snark
4/15/14

Tony Snark:

whatwhatwhat:

think i'll offer my girl her student loans paid off or a ring of equal value

The problem is then it changes the relationship to one about money.

It's always been about money dude. Hence why we are having this whole conversation.

In reply to TNA
4/15/14

TNA:

Tony Snark:
whatwhatwhat:

think i'll offer my girl her student loans paid off or a ring of equal value

The problem is then it changes the relationship to one about money.

It's always been about money dude. Hence why we are having this whole conversation.

It's always been about loving and who has the biggest gun, ect.

Matrick:

[in reply to Tony Snark"]Why aren't you blogging for WSO and become the date doctor for WSO? There seems to be demand.

BatMasterson:

[in reply to Tony Snark's dating tip]
Sensible advice.

In reply to EE_cons
4/15/14

EE_cons:

What about buying her a $3k ring and donating $30k to charity, in her name? How do you think she would react?

This is a great idea actually. 30k can feed alot of starving kids. But its kind of a cheap shot.

4/16/14

If a survey was taken for average age in this thread it would not be over 25 given some of the comments and likely the current relationship status would be single with lots of lotion...

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

4/16/14

Diamonds and gems are desirable because they are deemed to be prestigious. Fortunately this is changing. Those on the bleeding edge of elitism in certain areas are starting to eschew diamonds due to their association with conflicts, child exploitation, slave labor, etc. I could see a scenario not too far down the road where diamonds go the way of the fur coat -- once a coveted luxury item, but now unconscionable to actually purchase and wear.

In reply to labanker
4/16/14

labanker:

Diamonds and gems are desirable because they are deemed to be prestigious. Fortunately this is changing. Those on the bleeding edge of elitism in certain areas are starting to eschew diamonds due to their association with conflicts, child exploitation, slave labor, etc. I could see a scenario not too far down the road where diamonds go the way of the fur coat -- once a coveted luxury item, but now unconscionable to actually purchase and wear.

Sure there's a movement against fur. But the wealthy still own them and I think what's really died is just the plebeian lust for them, not the ownership by the people who can actually afford a $100,000 coat.

4/16/14

Surprised the 3 month salary rule wasnt brought up more. Assuming ring is 3 months salary and you have 10% savings rate of which is all dedicated to the ring fund. It would take 2.5 years to save up enough. That is just insanity.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

In reply to Tony Snark
4/16/14

Nope. A buddy of mine married a girl that wanted a sapphire engagement ring. Lucky guy.

"Everybody needs money. That's why they call it money." - Mickey Bergman - Heist (2001)

4/16/14
4/16/14
In reply to krypton
4/16/14

krypton:

http://www.businessinsider.com/finance-guys-on-dia...

Congrats. You guys just made headlines in Business Insider.

God, BI is a joke.

4/16/14

Another valuable lesson on anonymity

People demand freedom of speech as a compensation for freedom of thought which they seldom use.

4/16/14
4/16/14
4/16/14
In reply to krypton
4/16/14

At least WSO is creating user content.. im surprised the article isn't titled "the top 7 reasons 23 year old investment bankers don't want to buy diamond rings"

4/16/14
4/16/14
4/16/14

The question of buying a diamond ring is parallel to the question of why even get married? Marriage for those who have wealth is a merger of assets legally that is based on the premise that you want to remain "merged" for the rest of your existance. At one point it was taboo to have relations until married, then it was only taboo to live together w/o marriage, then only if you had a child w/o marriage. I still beleive it is taboo to have children w/o getting married, but it no longer carries the social stigma it once did. So the decision to get married is either a financial/legal one the merger concept, a religious one (I'll leave that alone) or a pretense to having children, but is no longer in anyway needed or required. So why? TRADITION! (or really cultural expectations). So if you are going to engage in what is a cultural expectation well then do it right and buy the lady a diamond engagement ring. If you don't plan to have a traditional wedding (and gentlemen if you don't know about these things and you have been together long enough to be expected at family functions it is time to discuss) then the engagement ring is probably not as important. But if you are in love with a women who has dreamed of her wedding since she was 10 years old, well good luck trying to forego the expectation.
Personally my wife is a very humble and practical woman and would have been happy with whatever I got her. But I choose to get her a moderately expensive engagement ring (about 1 month's gross salary at the time) not because she needed to know I love her but infact just like the ad says to let everyone else know. After almost 7 years (and 5 years of marriage w/ 2 kids) I know I made the right choice, because while diamonds are probably overpriced, her ring is still as beautiful the day I purchased it and she still receives compliments today.
For anyone considering a ring I will advise it is easy to get caught up on size, my advice is decide on a budget and find a nice size stone that is of a high (not best) grade in color (F or G), clarity (VVS) and especially cut (ideal, signature or excellent). You dont need internally flawless or perfectly colorless, but it worth getting an ideal cut. A hunking rock that doesn't sparkle will feel cheap and a stone too big will look cartoonish on a small hand. Finally make sure the setting is something she will love as this is literally meant to last a life time.

Doog37

In reply to krypton
4/16/14

krypton:

http://www.businessinsider.com/finance-guys-on-dia...

Congrats. You guys just made headlines in Business Insider.

Kind of regret not saying something more clever and getting quoted by that dumb bitch.

heister:
Look at all these wannabe richies hating on an expensive salad.

In reply to LBT
4/16/14

LBT:

At least WSO is creating user content.. im surprised the article isn't titled "the top 7 reasons 23 year old investment bankers don't want to buy diamond rings"

the top 7 EPIC and INSANE reasons 23 year old investment bankers don't want to buy diamond rings

4/16/14

As a former hedge fund trader, ibank institutional trader, and now reformed startup entrepreneur and founder of Enchanted Diamonds, I can give you my insider perspective.

Everyone on this thread is right. For better or worse diamond engagement rings are a tradition that's not going to stop any time soon.

However, diamonds are NOT an investment. While they can hold some value, investment grade diamonds are rare and are usually only found at Sotheby and Christie's auctions. Diamonds in jewelry? Think of it more like a car. As soon as you take it off the lot it just lost ~30-40% of it's value.

That's the reality. Buying brand names is stupid and a waste of money. No one can recognize a label on a ring nor does that label make it any more valuable upon potential resale. Not trying to make this an endorsement for my company, but I recommend all of you find a budget that you are comfortable with, no matter what you do, it's going to be a hit (top 3 purchase in 99% of buyers lives).

Find a jeweler you can trust, online is better as diamonds ARE a commodity, and a cert is a cert is a cert, as long as it's GIA and not that EGL or IGI for-profit grading nonsense. Find exactly what you want, choose eye clean diamonds over flawless (I don't know anyone who has more than 1X magnification on there eyes), and get a custom ring made specifically for your selected diamond and her finger size.

If you work with the right jeweler, like us at Enchanted Diamonds, your appraisal value can be anywhere from 20-50% more than your purchase price. And, if you ever want to upgrade, we make that process much easier. Sorry for the rant. Happy to answer any and all questions or give advice to anyone who is looking.

Best of luck to all!

4/16/14

Monkeys we famous now.

Frank Sinatra - "Alcohol may be man's worst enemy, but the bible says love your enemy."

In reply to yeahright
4/16/14

yeahright:

Monkeys we famous now.

Yep - quoted in BI. Life is complete. Considering retiring now. Just kidding.

4/16/14

Honestly, I think her write up was fair. The comments are redic, but she did a good job with it. For the life of me I don't know why our discussions are article worthy, but hey, more power to them haha.

In reply to TNA
4/16/14

She didn't do much more than ctrl+c / ctrl + v.

Those who can, do. Those who can't, post threads about how to do it on WSO.

4/16/14

I mean true, but she provided alternatives to buying diamonds, etc. I don't think we are whining, more like discussing the merits and the social factors at play. But I suppose the title is supposed to drum up interest vs. say how it really is.

4/16/14
In reply to TNA
4/16/14

Lol BI has some weird obsession with anyone in finance. She almost takes a condescending, yet understanding tone towards us as she gives advice. Happy to help BI with their click bait.

4/16/14

I'll just throw a little fuel on the fire.

'Trillions of carats' of diamonds found under Russian asteroid crater
http://www.wired.co.uk/news/archive/2012-09/18/rus...

Also, lab grown jewelry-grade diamonds have come a long way.
http://gemesis.com/

Please don't quote Patrick Bateman.

In reply to CreditAnalyst85
4/16/14

As much as really expensive art or wine is also ridiculous, the rarity and uniqueness certainly plays a factor. Art/wine appreciates gradually over time too because of that unlike diamonds. When you buy a bottle of vintage wine you know it might be the last bottle of its type in the world.

4/16/14

Probably, how else would you propose?
Oh wait...I'm a baller...why would I ever marry?

4/16/14

deleted

Buy fear, sell cheer

In reply to CorpFinanceGuy
4/16/14

I'm sure there are women out there who don't put much value on diamond rings because they know better. I'm speaking for myself at least.