The American bias of these stats shouldn't negate the overall point: diamonds – and therefore diamond rings – are expensive and the demand was created artificially for an item that's only property here is shininess (it decreases in value as soon as you walk out the store).
Any remotely logical person can see that spending several thousand on actually important items for a new couple like a place to live or putting money in an investment account will serve them far better in the future (and likely help with romantic and/or wedded bliss).
That engagement ring purchases tend to be for women – not by women – is also insulting to the cause of not viewing women as objects to be acquired. Consider that this is worthy of a headline in a respected US magazine at the beginning of this month: "Women Now Paying for Their Own Engagement Rings".
Many people will say that engagement rings are symbolic of love and devotion. Ignoring that this idea is itself manufactured by the profiting businesses, it also gives an arbitrary definition of "symbol": why can't a beautiful home be a symbol? Why can't long-term investments be a symbol? Indeed, would it not be more impressive to show off a house than a finger rock?
Tradition is another assertion when discussing almost anything to do withmonogamy and marriage. But, like nature, tradition is a description not moral justification. Just because we've always done a particular action, doesn't mean it's always (or ever was) justified. Pointing to tradition means pointing to the mistreatment of different races and sexes, human sacrifices, and so on. Longevity, too, doesn't give moral immunity, or automatic goodness, to anything.
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