I think we’re all pretty familiar with articles that claim to debunk the myths of the diamond business. So, Ira Weissman’s piece titled 7 Reasons Why Diamonds are a Waste of Your Money isn’t very surprising, though it has created a modest ruckus. Remember, it’s summer, that lackadaisical time of year when the diamond industry slows to a soft halt before revving up for the fall. The industry needs a little more blog fodder, right? So, thanks Mr. Weissman for waking us from our heat-addled haze, even though I’m sure some of us would’ve rather napped a little longer.
In his blog post for The Huffington Post, Weissman describes himself as a former diamond dealer who is now “on the fringe of the diamond business, running a diamond education site helping would-be buyers.” The site is called Truth about Diamonds and features loose diamonds he recommends for sale.
JCK’s Rob Bates published a Cutting Remarks blog today, where he asks Weissman why he wrote the piece. Weissman had this to say:
“I think it will greatly help my business. This isn’t the first time I’ve said these things. I think people are much more willing to take advice from those who recognize the illusion than from those who still exist within the illusion.”
Sure. And that pretty much sums up what some Pricescope members thought of the piece: Nice plug. Click here to read what our members have to say on the subject. (And feel free to join the discussion!)
Here’s the gist of Weissman’s argument:
1. Diamond engagement rings were cleverly marketed by De Beers’ ad agency N.W. Ayer in the 1940s.
2. Diamonds are not an investment.
3. The diamond market is a “shark tank.”
4. The “two-month salary” rule is B.S.
5. Men need not spend a ton of money to be manly.
6. Women need not ask their men to spend a ton of money.
7. Diamonds are a veritable “illusion” of perceived value.
Consumers are savvy. They already know this stuff, but they choose to buy diamond engagement rings anyway. Why? In the wise words of our esteemed independent jewelry appraiser, Neil Beaty, “chicks dig ’em.”
With over 3.2 million user posts on our diamond education forums, I’d say Mr. Beaty is right on the money.
“Chicks dig ’em.” – Neil Beaty
What do you think? Are diamonds a waste of money? Join the forum discussion on Ira Weissman’s blog: