Five Reasons Why You Should Never Accept a Diamond Ring from Anyone, Under Any Circumstances, Even If They Really Want to Give You One

By Liz Stanton, CPE Staff Economist

1. You've Been Psychologically Conditioned To Want a Diamond

The diamond engagement ring is a 63-year-old invention of N.W.Ayer advertising agency. The De Beers diamond cartel contracted N.W.Ayer to create a demand for what are, essentially, useless hunks of rock.

2. Diamonds are Priced Well Above Their Value

The De Beers cartel has systematically held diamond prices at levels far greater than their abundance would generate under anything even remotely resembling perfect competition. All diamonds not already under its control are bought by the cartel, and then the De Beers cartel carefully managed world diamond supply in order to keep prices steadily high.

3. Diamonds Have No Resale or Investment Value

Any diamond that you buy or receive will indeed be yours forever: De Beers’ advertising deliberately brain-washed women not to sell; the steady price is a tool to prevent speculation in diamonds; and no dealer will buy a diamond from you. You can only sell it at a diamond purchasing center or a pawn shop where you will receive a tiny fraction of its original "value."

4. Diamond Miners are Disproportionately Exposed to HIV/AIDS

Many diamond mining camps enforce all-male, no-family rules. Men contract HIV/AIDS from camp sex-workers, while women married to miners have no access to employment, no income outside of their husbands and no bargaining power for negotiating safe sex, and thus are at extremely high risk of contracting HIV.

5. Open-Pit Diamond Mines Pose Environmental Threats

Diamond mines are open pits where salts, heavy minerals, organisms, oil, and chemicals from mining equipment freely leach into ground-water, endangering people in nearby mining camps and villages, as well as downstream plants and animals.

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