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I think it is reasonable to mention here that diamonds suck [0]. [0] http://diamondssuck.com/ http://diamondssuck.com/ via https://news.ycombinator.com/item?

• boudewijnrempt 8y ago
  Do people really _borrow_ money to buy engagement rings? That sounds so weird...
  • deleted 8y ago
    [deleted]
  • shaftway 8y ago
    Even if you aren't "financing" it, you're "borrowing" from your future self. That's $X,000 that you've tied up in something that doesn't actually have the value you paid for it, and even if you did want to sell it, it likely has sentimental value, making it an illiquid asset. Like the site points out, most people getting married are not in a position to afford that kind of expense. But they do, and they try to make it work, because that's what's "expected".
  • andrew_ 8y ago
    I financed my fiance's at 0% for 4 years on a "Luxury Credit Card" that a jeweler was offering on a special. In hindsight it freed up a lot of cash, but I found later that going to a private (not retail) jeweler would've saved me about 30%.
    • notyourwork 8y ago
      Where and how would you find a private jeweler?
      • Topgamer7 8y ago
        If TV has taught me anything, some guy has them strapped into a trench coat at your nearest alley.
      • EthanHeilman 8y ago
        Think about it like trying to find someone to paint a portrait or a professional web designer to make you a website. Look for skilled people in the industry and get referrals. One way is to find someone that teaches Jewelry making at a university and who also does commissions. They will often have skilled students who are looking for commissions as well. I heard jewelry and gem shows are also a great way to buy gems at a reasonable price and meet people in the industry, many jewelers that do commission will be happy to use gems you supply. Additionally private jewelers advertise themselves on the internet, on flyers at art shows and own store fronts.
      • petre 8y ago
        There are jewlery designers and designer jewlery fairs. It sounds pretentios but it isn't, because most of the time you get a good deal on a unique item.
  • walrus01 8y ago
    People in south asia regularly go $50,000 into debt to pay for a lavish wedding, when their annual income might be the equivalent of $14,000.
  • astura 8y ago
    I can certainly believe people finance jewelry they can't afford. The wedding industry, like the funeral industry, really preys on people's emotions to make the hard sell. "If you really love her you'll give her the best" (implying that giving her something inexpensive means you don't really love her.) "You want to show her (and the world) how committed you are to her." Then because everyone is so highly pressured to spend big then it becomes a societal expectation in a generation. (I agree it's weird to me too! Personally, I don't even own an engagement ring or a wedding ring - I see them merely as trinkets and I'm just not a jewelry person)
  • ddorian43 8y ago
    People take loan for wedding. Societal stuff
  • AtlasBarfed 8y ago
    When I was younger it was two months salary. Which was BS. I swear I've seen "four months salary" somewhere. Who says poop can't smell worse?
• eggy 8y ago
  Point number 1 about the De Beers cartel inflating the market is really a big one. Diamonds are not rare. They are released to the market by controlling monopolies to maintain a false market value. Is the cost of a lab-grown diamond really almost as much as a market-controlled, mined diamond in that case? I like the pitch about Moissanite, and I'll have to check it out for other purposes other than an engagement ring!
  • bluedevil2k 8y ago
    The "DeBeers monopoly" is a myth that can't seem to die. They do not have a monopoly and haven't in many years(1) (Anglo American = DeBeers). "Market controlled" is also a myth, as almost all diamonds today are valued through regularly scheduled auctions (2). (1) https://www.statista.com/statistics/585450/market-share-of-diamond-supply-worldwide-by-producer/ https://www.statista.com/statistics/585450/market-share-of-d... (2) https://secure.debeersgroup.com/content/de-beers-auction-sales/auction-site/en/auctions.html https://secure.debeersgroup.com/content/de-beers-auction-sal...
    • OhSoHumble 8y ago
      The first source is behind a paywall, no?
      • bluedevil2k 8y ago
        Weird, wasn't when I first went to it. Summary was Alrosa (Russia) has 27% share, Anglo American (DeBeers) has 22%, another dozen or so share the next 40%.
    • lurquer 8y ago
      Louis Vitton does not have a monopoly on purses. Nevertheless, it's marketing efforts (along with Gucci, and the others) has created the perception that purses are a luxury good. Ditto with diamonds. DeBeers associated this relatively common gem with luxury. From that point, the economics are driven by women. A woman does not want a cheap purse. A fiancée does not want a cheap diamond. The quality is irrelevant. What matters is how much the guy sacrificed for her. Sort of silly and irrational. But, it's true.
• dguest 8y ago
  One of the articles cited there is an excellent article that Edward Epstein wrote for The Atlantic [0]. It's well written, but that's not the impressive part. The impressive thing is that this "expose" was written in 1982, 36 years ago. As Epstein mentions, diamonds are not "forever", or even particularly robust (they can be burned, crushed, chipped, etc), but the industry seems to age quite well. In the half-lifetime since that article came out, nothing has changed. [1]: https://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/ https://www.theatlantic.com/magazine/archive/1982/02/have-yo...
• kolpa 8y ago
  That lovely site needs an endorsement from the author's wife, to sell the deal to anyone who matters.