It's marketing plus perception of how expensive it is. Most of diamond purchases are for engagement rings. Nobody wants to appear cheap. The expense and rarity is the point.

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blueone an hour ago | parent [-]

> Most of diamond purchases are for engagement rings. Nobody wants to appear cheap. The expense and rarity is the point.

I relate to this. I wasn’t born rich and grew up poor. My parents started a business when I was in my teens, so I worked two jobs, and technically still do because I help them out. My parents instilled a work ethic in me that’s helped me get to where I am in life.

When it came time for me to buy an engagement ring, I went into the process knowing I wanted a natural diamond. My best friend said he could tell the difference between “real” and “fake” and that I shouldn’t be cheap. I didn’t want to be “cheap,” either. I was ready to spend $30,000+ on a diamond.

Instead, I bought a lab grown diamond. I spent $1,600 on a 1.72ct. My buddy thinks it’s real and nobody has even asked whether it’s lab grown or natural. I realized I was spending too much time asking, “why should I get a natural diamond?” The reasons never justified the cost. Spending 18x to 20x more on something that looks exactly the same and serves the same purpose just wasn’t logical to me.

	▲	etrautmann an hour ago \| parent [-]
		That can be the right call (and is the one I would make) but for situations like this, it may be as much about how you think about something yourself rather than how others view it. If spending more makes it mean something different to you, then that can be a primary function. That being said, blood diamonds are a huge problem, DeBeers is a cartel, and we’d be better off investing our money in other ways that serve a relationship, family, etc.