Couples covet diamond engagement rings, and it may be one of your biggest assets, but what is it really worth financially and why do men rush out to pay so much for them?
Men have been schooled to think that they must spend at least two months’ salary on this particular rite of passage for several decades. However, interestingly, that ring depreciates in value around 50 percent the minute it leaves the jewellery store so why we so compelled to run out and buy diamond rings anyway?
The History of Marketing for Engagement Rings
You’ve been dating your boyfriend for over two years, and you’ve had your eye on these unique handmade diamond engagement rings Brisbane. All you’ve ever wanted is a custom engagement ring hand-crafted with quality diamonds.
These traditions and emotions are what the diamond marketing campaign has used since DeBeers started their campaign in 1938. In the 1930s, DeBeers hired N.W Ayer to research diamond buying trends and develop a campaign. They soon realized the couples that exchanged engagement rings before World War II, only 10 % featured diamonds. Therefore, their campaign had to convince young men that diamonds were a symbol of love and show women that these gemstones were part of romantic traditions.
The marketing agency altered the way the public saw diamonds and marriage proposals. They appealed to couples by showing movie celebrities receiving diamonds, as well as featuring both print ads and commercials depicting romantic stories. They all appealed to couples status quo, which was a big thing, especially in the 1940s, stating that diamonds were the sought after personal success achievement, making men work harder to buy it and for women to fit in even more.
We’ve all grown up seeing their infamous slogan that Frances Gerety penned in 1948, “A Diamond is Forever.” In simple terms, this meant that just like your marriage, the diamond placed on your finger was forever, discouraging you from ever wanting to sell it, because the sentimental value was more than the monetary worth. Their original campaigns recommended spending one month’s salary, and then it switched to two months in the 1980s. This standard has stuck with most men since it’s been ingrained that your ring has to be worth more than a few months of wages.
Besides advertising slogans, we’ve also been exposed to song lyrics like Madonna’s, “diamonds are a girl’s best friend,” which just reiterates how much women love diamond jewellery, especially engagement rings and diamond eternity bands.
While other types of jewellery like gold and silver increase in value and are valuable in nuggets or jewellery, diamonds are mainly valuable because of their meaning. DeBeers had to romanticise diamonds because originally no one was buying any so their company had to create a campaign to entice couples to find diamonds more valuable. While marketing an idea instead of a product is risky, couples are always getting married so this business marketing idea has more than paid off.
Today, diamonds are still in high demand all over the world, including in Australia, the United States, India, and China. Therefore, new marketing campaigns may still pop up to change the way we view the value of diamonds.
Image by swamibu via Flickr