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The Real Reason We Buy Diamonds

The Real Reason We Buy Diamonds

Synonymous with love, commitment and devotion,
precious diamonds are set on top of over three quarters of all engagement rings. Americans alone spend eleven billion dollars
on wedding jewelry every year. But it’s actually a pretty recent phenomenon. Here’s The Real Reason We Buy DIamonds “She’s the girl I’m going to marry.
Get a load of this diamond ring!” Once a very rare gem, vast diamond reserves
were found in South Africa in the late 19th century. “Diamond diggers line up ready for the word
‘go’ in the latest South African diamond rush” One of many prospectors seeking to make their
fortune was Englishman Cecil Rhodes – he formed the De Beers company in 1888, and eventually
took charge of much of the diamond trade, including mining, supply and distribution. But diamond sales dropped off during the Great
Depression of the 1930s. So De Beers turned to another burgeoning industry for help. In 1938 De Beers commissioned Ad Agency N.W.
Ayer & Son with making diamonds a necessary luxury in American lives. De Beers’ grip
on the supply meant that whoever sold a diamond was likely selling one of theirs. The agency decided they had to convey the
idea that diamonds were a gift of love: Men had to be convinced the larger and more
beautiful the diamond, the greater the show of love. And women had to view diamonds as an integral
part of courtship. “But before every wedding must come a prelude…
that diamond is symbolic of a pledge” The agency went to Hollywood, tasking producer
Margaret Ettinger with reinforcing the image of the diamond as integral to love – she influenced
changing the movie title “Diamonds are Dangerous” to “Adventure in Diamonds” … and she supplied
jewelry for stars like Merle Oberon and Claudette Colbert to wear on screen. Ettinger’s cousin, Louella Parsons, was
a powerful gossip columnist and also on the payroll – her articles started paying particular
attention to the love lives of the stars, featuring well- staged pictures of engagement
rings, or focusing on lavish and aspirational jewels like Grace Kelly’s “twelve-karat
square cut diamond engagement ring.” They became symbols
of upward mobility – anyone could aspire to become like a movie star or a princess with
their own diamond. De Beers even managed to get into schools
and churches to discuss the history of diamonds – their true intention: sowing the seed with
children that diamond engagement rings were a part of marriage and that it was a tradition. By the 1940s, as America’s men went off
to war, the number of marriages started to rise. Ayer also used work by great painters like
Picasso and Dali in their posters to associate the diamond with a piece of classic art. But it was a simple ad line that was to make
the biggest impact – In 1947, Ayer copywriter Frances Gerety came
up with the slogan ‘A Diamond is Forever’ and the association with eternal love was
solidified. It’s appeared in every De Beers advert since 1948. It’s since been heralded as the ‘advertising
slogan of the century’. It was so successful Gerety worked on every De Beers campaign until
1970. Shortly after it was immortalised in the Bond film of the same name. What the slogan did was create the concept
that a diamond ring would be kept by the betrothed, for eternity, creating a special sentiment
but also meaning fewer would be re-sold, therefore increasing the chance for De Beers to sell
more, freshly mined stones. Ayer’s copywriters were also skilled in
directing consumer spending habits – suggesting a month’s salary was a good amount to spend
on a ring, then upping it to two by the 1980s. Over the
same period diamond sales in the United States grew from $23 million to $2.1 billion. De Beers and N.W. Ayer & Son’s marketing
masterpiece played on our emotions so powerfully that not only were they able to sell us a
product we didn’t need but they influenced the culture of marriage.

100 thoughts on “The Real Reason We Buy Diamonds

  1. These are the same people (De Beers) that for years have been telling people that flawless artificial diamonds are less valuable than "real" diamonds full of inclusions (Flaws).
    You are getting married, so piss away tons of money on a bauble you can't sell for 20% of what you paid for it, and tens of thousands on a celebration for (Wedding) for people you often barely know and won't see often even if you're married for 50 years.
    Marriage ceremonies were a big thing because people rarely traveled farther from home than 50 miles. You want party now? Find a city, there are private ones or clubs you can go mingle and drink on your own wallet.
    Use the money on a down payment on a home. Even if you get divorced, you still get value from it.

  2. Actually Diamonds don’t last forever. They are made out of Carbon. And eventually over years and years they will erode away and become Graphite.
    Gold on the other hand…..

  3. Interestingly millennials aren't buying diamonds at the same rates. They aren't getting married as much, but when they do women are requesting more vibrant interesting stones like saphires and emeralds. The only reason there is any trace of diamond in my ring is my husband insisted on it having shards in the design.

  4. Bloomberg, this series is fantastic, I love the format.
    Could you list where to find the background music in the description? I'd really like to find the track starting at 1:01

  5. I still love diamonds. I just buy them second hand in antique gold rings. Everyone is so down on them they are Penny's on the dollar.

  6. The real reason we buy diamonds is because women and some men wanted to feel high class and all for the sake of fashion

  7. Youd think after people continue to beat this valid set of points into the ground,, SOMEONE IMPORTANT would pick up on it and call someone out. This reminds me of those articles complaining about how millenials 'Arent buying diamonds',, or arent buying this or that. How about,, instead of complaining about how people arent buying your shitty stuff anymore,, you shape up and make it more desirable. Or,, in the case of the diamond monopoly,, admit to your fuckery and lower the price of diamonds. People have essentially been paying for the advertising for years and years,, you think we wouldve cut it out by now. Diamonds arent even that interesting,, theyre boring and clear.

  8. Please do an expose on the lighting industry pushing LED lighting technology as energy efficient (which they are), unless we use more of it and run them day and night and how they claim that LEDs are perfectly safe when, in fact, they are not !! Many of these unnecessarily and excessively bright LEDs disrupt the circadian rhythms of people and wildlife therefore leading to increases in the incidences of cancer, heart disease, stroke, depression, insomnia, obesity, diabetes, migraines, macular degeneration, retinal damage over time. The lighting industry has many powerful and influential people on their payroll to push their propaganda about the safety of their products. ALAN(Artificial Light at Night), Light Pollution, Light Trespass, Light Spillage and Light Transference is on the rise at an alarming rate and it's making us sicker than we ever have been before.

  9. Mined and synthesized diamonds has no difference but the way it obtained. And true love has nothing to do with diamond. But if it has, synthesized Don't bother anyone but de beers.

  10. Millenials hate diamonds because they could not afford them except for a few rich crazy ones they ironically follow and idolize.

  11. If diamonds get you the best woman,then get her 1. Make sure she is whatever you need her to be before giving her one and take that plunge. And keep taking it until you get it right. The happiest, richest, most balanced people I know are married. Most of them have diamond rings but know that a productive marriage is the real gem 💎 Life is the real diamond…life is short…and you can't take anything with you.

  12. Carbon the most abundant material in the universe, diamonds being hoarded to inflate the price…..well done De Beers, making people buy something they don't need, with money the don't have, to impress people they don't like….

  13. It only does so much to make people aware of how gullible they are. We either have to change our social architecture completely to prevent the exploitation of weaknesses or really get to work actually changing our brains (learning is not a big enough change and most are not capable of overcoming this psychology)

  14. the real reason I buy a diamond cause my wife want a diamond.
    I don't gife a fuck about someone wearing a diamond ring or a plastic ring.

  15. I did not give my wife any diamond; I thought it was foolish. Instead, I paid for her college education. There's no diamond in my house.

  16. If your house got fire the diamond may be will burn but gold will just melt at high temperature so gold is much better investment

  17. What fucking sucks for most guys that know about this will shell out thousands on a worthless rock only because women want one

  18. 어느 아티클에서 봤는데 다이아몬드 가치가 떨어진다거 하넹 다이아 몬드 있다고 자랑한 누구 어떤 여자…. 어쩌니 ㅋㅋ

  19. Diamonds are a scam. Prices were artificially inflated despite no actual value. Diamonds are not like gold, because gold's high prices are justified due to its almost limitless uses.

  20. Are you saying that americans are idiots to be decieved by de beers company? Maybe.. But can it be because they can afford it! I dont think its bad thing but just effective marketing. Infact we are all decieved everyday by tv ads too.

  21. the more you spend your hard earned money on a rock, the more you love the person?

    More like the more you spend, the more gullible and superficial you are.


  23. And they did all this without the internet or social media just think how brain washed the masses are now. I feel sorry for my male friends when they have to buy their missus a 'rare' overpriced diamond. What a crock

  24. why doesn’t it talk about how the Dutch white men treated all those South African people?Stripped the minds of the school children and how when the rest of the world found out all the killing and torment that was happening the refused to buy diamonds unless they stopped the violence and freed Nelson Mandela?

  25. This is how media changes our perception and sells an idea, over the period of time the seed planted in our subconscious becomes a tree, so you know now a days what is selling like hot cake?? Who is terrorist??

  26. >Be South African
    > live in Cape colony under British rule
    > get tired of being ruled and decide to move to new uninhabited lands further north
    > settle and farm
    > discover diamonds
    > get conquered by england
    > discover gold
    > get even more conquered by England
    > be Namibia (german SW-Africa)
    > discover diamonds
    > get conquered by south Africa (which is now an English colony)
    > start of the border war
    > lose thousands of young men on the border of Angola
    > have masses of black laborers stream into Johannesburg to work in the mines
    > try to keep black people in their ethnical homelands by implementing apartheid (little known fact, just as blacks were disadvantaged outside of their homelands, they were also given exclusive benefits if they stayed in their homelands)
    > get condemned by the whole world
    > lose all grip on land/agriculture/military/property/safety/culture due to being massively outnumbered in democratic elections
    > get murdered systematically in your own homeland by Zimbabweans/Mozambicans/Xhosas/zulus
    > get dispossessed by aforementioned because 'all land owned by whites was stolen'

    Cursed is the country that discovers resources in its soil.

  27. Didn't Cecil Rhodes also create his own contry of Rhodesia, which later on became Zimbabwe? Or was it just named after him?

  28. I'm glad my wife doesn't want diamonds. She could care less about diamonds, gold or other things.

    But she does love her handbags

  29. I call Diamonds The Rich tax , it fools rich ass people and idiotic females into buying something that is functionally worthless to them

  30. Im pretty sure the world understood that jewels (just like precious metals) were worth money because of riches from exploration and royalty. I get that debeers had to create a market and make it part of engagement but everyone understood the worth of diamonds.

  31. We’re told that diamonds are rare, the hardest material on earth, and worth more than gold.

    A lie told enough times becomes the truth

  32. Buy a diamond at full price, and try to sell it if you don't want to own the diamond. And you will get a big surprise, the resale value is penny to the dollar.

  33. Us poor men, once again living in an era where we are used as workhorses to give women all these trinkets because some secret greedy aholes brainwashed everyone. *smfh *

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