Most people in the world regard diamonds as a special and unique stone that is priceless. An engagement ring in the US is supposed to cost 3 months salary. You might be surprised to find out that these stones are actually extremely overrated and you could spend your money on something much more valuable instead.
Don't be one of those suckers that get hooked on the idea of buying a diamond, just read on and find out why.
Diamonds Are Not Rare
Many people believe that diamonds are a rare stone that is special and unique. Though this might have been the truth a few hundred years ago, the process of extracting diamonds has become a lot simpler over time. They are no longer rare because now supply exceeds demand.
The reason why the price of diamonds is so high and makes them seem like a rare stone is because the diamond industry has stockpiled the majority of diamonds and sell them in small amounts. This increases the price, making this small common stone worth a fortune.
Everyone Has One
Why would you want to have a stone that everyone and their mothers have? Apart from the setting, all diamonds look pretty much the same, and therefore there is nothing unique about your diamond.
If you are looking to be different, there are countless other choices for you to have. If you are still stuck on getting a diamond, why not go for a pink or yellow diamond which will at least make you stand out a bit.
Diamonds Are Not A Good Investment
There is this misconception in society that investing money in diamonds could work out in the long run. This is a big mistake. As soon as you purchase a diamond its value decreases dramatically. It is known in the industry that you could never sell a diamond for more than you bought it for.
The reason for this is because of the high supply of diamonds, that the wholesale price of them is very low compared to the retail price. As it is one of the most bought stones in the world (500 million stones are estimated to be in the public), if everyone sold their stones the price of diamonds would plummet radically.
They Can Be Faked Easily
As diamonds are the most popular gem to buy as an engagement ring present, they are also the most faked. The most similar stone that is a much cheaper option to buying a diamond is called a cubic zirconia, which are man-made. These are often sold to unaware buyers as diamonds, especially in black market places.
It would be a bit embarrassing for your other half to find out that their big sparkler is actually a fake. So do your research before you go out thinking you made yourself a bargain. And anyway, why would you want a diamond that is so easily forged?
Cheap Diamonds, Cheap Quality
If you don’t have hundreds of thousands of dollars to spend on a diamond, you are probably going to be buying the low end of the spectrum when it comes to these stones. Even a three month salary will not get you the gem of your dreams.
With diamonds their quality varies so greatly and so the cloudier and less faceted stones are sold for less. Saying that, a good jewelers could sell you the same cheap diamond but claim it is worth a lot more.
They Are Not an Original Gift
If you are thinking of buying a diamond for your partner, think again. It is stuck in our brains that a diamond present is the ultimate way of showing someone you love them. The problem is the shine wears off.
Why not spend the money on something more memorable, like an experience or holiday. Your partner is going to remember this gesture much more than a small shiny stone that will devalue the moment you buy it.