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Why I Don’t Want a Diamond Engagement Ring

I’m nowhere close to reaching that romantic moment when my boyfriend proposes, but the topic of the diamond ring is a conversation I’ve had with so many people already, both married and not. I’m anti-diamond engagement rings – I’m happy for you if you have one and will enjoy the proposal story, sparkle and design, but when the time comes for me to be engaged, I really, really don’t want a diamond ring.

I may be in the minority here ladies, but the diamond ring is not important to me!  Here are the reasons why:

1) The over-inflated price

Literally, the moment the buyer walks out of the store with the diamond ring, its worth is cut IN HALF. That’s because diamonds are over inflated in price to seem like a luxurious item. Diamonds are one of the worst investments possible. Try selling it back the day after your purchase… you will be lucky if you’re able to get more than half its price back!

Don’t believe me? Easy to prove. Just check out the valuation and selling prices on consignment stores like Diamond Queensland.. diamond engagement rings valued initially at $20700 selling for only $8800! Quite the difference.

man panhandling for diamond ring
You’re going to have to panhandle a lot, Corey! (Source)

2) There are perfectly suitable replacements

A friend of mine asked for a ruby ring instead of diamond. She loves the color, uniqueness and look over that of a diamond. Me? No, I have a frugal website for a reason! Give me the fake diamond that sparkles and shines just as well, and I’m happy. I’ve researched it and there are beautiful, diamond-like gems out there that can fool an expert unless looked at closely.

QUICK: is this a diamond? Nay, it is not! It’s a $9 simulant! Check out the video here to see its sparkle under white light.
QUICK: is this a diamond? Nay, it is not! It’s a $9 simulant! Check out the video here to see its sparkle under white light.

3) You could be buying a conflict diamond

Conflict diamonds are illegally traded by rebel forces to fund armed conflict in war-torn regions and civil war against governments, particularly in Africa. They’re often produced through the forced labor of women, children and men.

Thankfully, today there are initiatives to limit the trading of conflict diamonds, but it still makes up a percentage of the diamonds sold worldwide. If you’re absolutely set on buying a diamond, only buy conflict-free, ethically-sourced diamonds from legitimate and known sellers like Orla James. It’s the only way to make sure you’re not indirectly supporting human rights abuses.

4) I don’t want to walk around with a diamond

I had a diamond ring once. I constantly panicked about losing it because I knew its worth. It’s a horrible sensation to feel all the time and I couldn’t enjoy it. Not that I would feel better if I lost an emotionally significant ring – diamond or no diamond – but at least I wouldn’t feel guilty over the financial loss. Besides, I would be terrified to inspire theft as I walk around in the darker, dodgy areas…

5) I really hate oligopolies

I hate monopolies so much more, but oligopolies also get my blood boiling. The diamond industry is a powerful oligopoly in its nature, controlling the output of diamonds to significantly increase their value. I prefer the competition of a capitalistic industry that benefits the consumer and holds the producers to a high standard.

You tell it like it is, Science World!
You tell them, Science World!

6) I would prefer to spend the money elsewhere

Hey dear boyfriend – feel like spending $4000 on me? Then let’s go on an amazing cruise!  I’ll take that a million times over a diamond ring. Even being financially intelligent about the money’s use is a preferable option. If we’re about to start our life together, it’s better to place the money into our home, needs, foods, car payment, etc. We can create romance in other ways!

Yep, this feels like a better choice!
Yep, this feels like a better choice!

About Ronnie E.

Ronnie is the frugal Latina of the group. Hailing from the beautiful Andes Mountains in Bolivia, she lives and breathes frugality. She loves to figure out how to spend less money and takes on the challenge of finding great deals and cheaper options every day.

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