Not until the 1930s did we start betrothing each other with engagement rings. Before that, we were very much satisfied and content with pearls, sapphires, rubies, and other beautifully colored rare gems.
So, how is it that now, these rings that once meant nothing, mean so much to us? We’re often ready to pay the ultimate cost sometimes to please the one we love but does and engagement ring have to be expensive?
Love is an investment. A very deep-rooted, vulnerable, and sacred investment of all that you are and ever will be. Being in love with someone and being so far in it that you’re planning marriage and children is a priceless thing to have. That simply means that you can’t put a price on it.
Global Opinion – ‘Twas The Ad of the Century
However, the world today revolves around money. The more you have of it, the more you are supposed to spend it because you have the capacity to and you want to. I know that might sound strange but that is exactly what happened to us and the diamond industry.
A British diamond company called Da Beers which has been in operation since 1888, became world-famous and set itself up as a monopoly in the diamond industry. Currently, they own 40% of the world’s total diamond share. That’s pretty impressive.
So, how did DaBeers make such an expensive commodity such as diamond, so popular, and craved for by all the elite?
Da Beers is world-famous for being responsible for the creation of the phrase “Diamonds and Forever”. It was around 1947 when DaBeers which was still dominating the business world released an advertisement emphasizing the rarity of gold. The advert urged people to keep their bought gems as they are valuable for more than jewelry.
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This had the effect of creating a diamond deficit in the economy because people started hoarding their gems and stop reselling them at all. There was a spike in diamond sales from then on and the phrase stuck on.
As if that was not enough, DeBeers is also responsible for generalizing the misguided notion that you should take out at least two to three months of your salary to buy an engagement ring.
Their incredible marketing skills are so effective that they made men and women alike, believe that the size of the diamond equates to a man’s love for his woman.
Maybe it’s just me but most of these requirements, suggestions, and expectations are simply off-putting. Love, as a priceless experience, can never be quantified by a piece of jewelry because it is not about the ring but the symbolism it carries.
We get to see a lot of this emphasis repeated countlessly in movies as well.
Subconsciously convincing us that diamonds are a girl’s best friend and that an engagement ring has to be made of certain metal and gem and cut in a specific design.
Local Opinion That’s the General View
All that we see in romance movies are great and perfect but expecting your life to work out lie it does on T.V is just not a good idea. The world has quickly evolved and it continues to do so at a rapid pace.
The general view is that people don’t think engagement rings are all that they have been made up to be. The flashy 1k diamond solitaire cut platinum set rings may still be selling but not with as much fervor as before.
Current financial times call for prudent and cautious spending with lots of cushioning in savings and investments. A diamond engagement ring to an ordinary working individual would not be considered an investment at all but a liability.
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Education costs have skyrocketed in the past decade and many of us have had to take up student loans to finance our way through to an undergraduate, masters, or Ph.D. degree. As soon as we are done with the long years in school, we then have to jump on the first employment opportunity we get if we’re lucky and try to make ends meet. All this while servicing the overbearing high-interest loans.
Even with all this financial chaos, life has to go on and age is gaining on you. Finally, you find someone you want to settle down with and build a life and family together. There is no way that you can comfortably afford a luxury ring and still afford to pay for your future children’s education.
For these reasons and more, people are now increasingly gifting each other the most thoughtful yet affordable engagement rings that are truly a reflection of your better half.
It is alleged that fake diamonds can be legally sold and this immediately makes the expensive diamond engagement ring idea even more unnecessarily high risk.
Another argument that you will come across often is that the ring doesn’t matter. What matters is what it symbolizes. The ring does not make or break your love or relationship. It is merely a public expression of significant identification.
Personal Opinion – What’s Your Take?
By the time two people come together and decide to be a unit, countless and intense discussions must have been had and a smart couple will cover seriously the financial matters. Soon, your bank accounts will be joint, and knowing your financial situation and planning for it helps smooth over some possible loopholes.
It is while doing this financial compilation that you both should decide on how much is agreeable to spend on an engagement ring, the wedding band, and ceremony and everything that comes after that.
The key priority for young, not so financially stable couples should be securing their life and managing finances after all the festivities have come and gone.
Unless you have the extra money for it or if you have a man who insists on spoiling you with the ring on his independent budget, you best steer clear of diamond set engagement rings.
Yet and still, we are back to the freedom of expression and self-governance which charges us to do as our heart desires. To fulfill our joys and wildest dreams.
If you have to get this super expensive engagement ring and you have a solid payment plan already in place, you can use your credit card to get a ring. The only downside though you won’t be pestered about repayments for the first few months, when its time to pay back, the rates are high.
You could also take it on loan from the jeweler but you will end up paying way more than the original price which is not good.
Maybe you have a family friend you could take a loan from to add to your finances and get this ring. At least that way, there is no interest rate and the payback rates are flexible. Before you ask for that loan, think about the significance of the amount you are asking for.
Lastly, it is crucial to always keep in mind that unless you are a rich man, diamond is not an investment opportunity. The risks associated with the trading of precious metals and gems are so high and the returns so far out that you will find yourself bankrupt waiting for a distant paycheck.
Well, at the end of the day, you are the captain of your ship and however much you end up spending on that engagement ring, you will have to deal with the consequences after all the excitement has died down. Think long and hard about that before you decide.
Debt is the last thing you want to bring or introduce to your union because it hovers around this great cloud of fear and worries that anything could happen.
Your relationship doesn’t need you to attain some socially misconstrued standards before marriage for it to be successful.
Your engagement ring should be as expensive as your budget can allow.