We mustn't confuse engagement rings – given, usually to a woman, when a proposal is accepted – and wedding rings – given on wedding day. (Already, we should recognise how strange it is to need two different kinds of rings.)
Whatever the long history of engagement items – I've heard claims of it dating from ancient Egypt or Rome, for example – the focus on engagement rings should really start with De Beers, in the 20th century.
After large diamond mines were discovered here in South Africa around 1870, the mines' major investors amalgamated their interests to form De Beers Consolidates Mines. They recognised that due to diamonds having little intrinsic value, they would need to create demand via (the illusion of) scarcity and pretend worth. So began one of the most successful marketing and public manipulation campaigns of the 20th century, originating from four words: "A diamond is forever".
By convincing men their love for their future wife is directly proportional to the expense of the diamond ring, and convincing women to expect love in the form of shiny stone, De Beers and their marketers, NW Ayer, began a tradition so embedded we forget it's a marketing ploy. Genius marketing, to be sure, but marketing nonetheless.
And guess what? The prices keep going up, as if we are really loving more and deeper these days. According to the XO Group Inc 2011 Engagement Engagement & Jewelry survey, the average engagement ring cost $5,200. If you think that's bad, consider that nearly 12% of US couples spend more than $8,000 for an engagement ring. Of course, we should take such stats with some measure of scepticism, as Will Oremus highlights. Nonetheless, these are the prices at a time when the average American family earns less than it did in 1989.
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2020-09-15
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