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Article - "Why Diamonds Are A Waste of Money"....

Re: Article - "Why Diamonds Are A Waste of Money"....

Isn't Ira a poster on here?
 
D'oH! We'll be waiting for y'all in Colored Stones if you become wracked with guilt. :saint:
 
Bah humbug! Diamonds bring joy to many - can't put a pricetag on that!
 
Well some interesting commentary but it looks a lot like a promotional piece for his "diamond education site" with hyperlinks.
For someone with affiliate links to many of the PS vendors on his site he sure has a jaded opinion of the business.
 
Well, even if they are, I'm still happy to be wasting my money on them! They make me happy and I love how they sparkle, shine, fire, scintillate, dance... and they can be any shape, too. I'm probably gonna go out on a limb and say ---- I'll be continuing to waste money again, in the future! :naughty:
 
I kind of think they're a waste of money too, but they're still fun and pretty! :cheeky:
 
It totally looks like a ploy to gain reader trust and get more hits on his site. Meh.
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I agree with this haven. An article such as this with information that frankly a lot of people who come to buy diamonds already know, serves to make him look like he is an honest seller. In reality he knows that buying a diamond goes beyond economics to being an emotional purchase and there's actually a permission to spend less message in this article. It says "I understand that people have far more important things to spend their money on so don't make the ring too expensive a purchase" - thereby encouraging couples to at least buy a diamond ring that they otherwise might not have believing it was beyond them. They're better off seeking advice from Pricescope for maximising budgets. In contrast the buyers who are going to spend a lot on a diamond don't need pursuading, they're going to do it no matter what message is put out there. A win win all round for this dude.
 
Polished--Exactly. You articulated the issues I had with this piece so well.

I also feel like this is such an *easy* claim to make about luxury items. Replace "diamonds" with any other high-ticket luxury item, and you have another article that people will just forward along after briefly glancing at the title.
 
Bleh. Literally, that's what comes to mind.

EVERYTHING costs money. LOTS of things are unnecessary. Who lives in the smallest house possible? Who never goes on holidays? Who never enjoys a meal out? Who has abstained from all alcoholic beverages ever? Who never buys new clothing before the old stuff completely wears out? I can hardly name a thing in my life that isn't an unnecessary expense in the strictest sense. I refuse to believe diamonds are any more of a waste of money than anything else.
 
I hope he loses his sponsors from his site. Diamonds aren't a waste of money for those who enjoy them. DeBeers is not responsible for the fact that I like diamonds and jewelry in general.
 
If they make you happy, its not a waste of money. Does your husband have a hobby or collect anything?
 
‘Waste of money’ is an interesting way to phrase it.

How about this: Buy diamonds because chicks dig 'em.

That puts them in the same category as skis, motorcycles, beer, fine art, most clothing, and in fact most of what we spend our money on. It’s true, no one needs a diamond, and it’s foolish to spend money on diamonds that you should otherwise be spending on important things like shelter or healthcare, but the vast majority of Americans and others spend the vast majority of their budget on overtly discretionary things. Buy plastic tchotchkes on ebay or dining at a fabulous restaurant if that’s what trips your trigger, but don’t get self-righteous about it if someone else spends their money differently.

Never buy a diamond expecting to see your money again. This is rather like the above list of nearly everything else you buy. Diamonds are extraordinarily cool little things but they are not bank accounts. Buy them because you love them, buy them because your beloved will love them. Buy one because you want one. Nothing else. If you want an investment, talk to your accountant, not your jeweler.

FWIW, they last longer than a nice dinner or a sports car, they require a lot less maintenance than fancy house, they don’t include much in the way of personal risk like motorcycles and skis, and they’re more likely to impress your friends (or her friends) than your collection of star wars bobbleheads. I don’t have a problem with spending your money on any of these things either by the way, I’m just pointing out the double standard that the author claims to be avoiding.

Oh yeah, and chicks dig ‘em.
 
denverappraiser|1344946003|3251142 said:
‘Waste of money’ is an interesting way to phrase it.

How about this: Buy diamonds because chicks dig 'em.

That puts them in the same category as skis, motorcycles, beer, fine art, most clothing, and in fact most of what we spend our money on. It’s true, no one needs a diamond, and it’s foolish to spend money on diamonds that you should otherwise be spending on important things like shelter or healthcare, but the vast majority of Americans and others spend the vast majority of their budget on overtly discretionary things. Buy plastic tchotchkes on ebay or dining at a fabulous restaurant if that’s what trips your trigger, but don’t get self-righteous about it if someone else spends their money differently.

Never buy a diamond expecting to see your money again. This is rather like the above list of nearly everything else you buy. Diamonds are extraordinarily cool little things but they are not bank accounts. Buy them because you love them, buy them because your beloved will love them. Buy one because you want one. Nothing else. If you want an investment, talk to your accountant, not your jeweler.

FWIW, they last longer than a nice dinner or a sports car, they require a lot less maintenance than fancy house, they don’t include much in the way of personal risk like motorcycles and skis, and they’re more likely to impress your friends (or her friends) than your collection of star wars bobbleheads. I don’t have a problem with spending your money on any of these things either by the way, I’m just pointing out the double standard that the author claims to be avoiding.

Oh yeah, and chicks dig ‘em.
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Oh well said! :appl:

As a chick, I can confirm that we undoubtably dig 'em. :sun:
 
+1 to Denverappraiser's "Chicks Dig 'Em" theory!!! :love:
 
Re: Article -

ame|1344903061|3250930 said:
Isn't Ira a poster on here?
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Just thought I'd clarify...I didn't write this...


Ira Z.
 
^LOL, at first I thought it was THIS IRA, but then I realized it was the other one with the website.


Sorry, but your husband's arguments are kind of weak... but funny!

Did you upset him? HAHA :bigsmile:
 
I also think it's misleading to say that Mark Zuckerberg didn't spend a lot of money on the ruby e-ring - everyone in the colored stones forum knows that a GOOD 1 carat ruby can be vastly more expensive than a diamond... It's entirely possible he spent way more on that ring than he would have if he'd bought a comparably-sized diamond.

denverappraiser|1344946003|3251142 said:
FWIW, they last longer than a nice dinner or a sports car, they require a lot less maintenance than fancy house, they don’t include much in the way of personal risk like motorcycles and skis, and they’re more likely to impress your friends (or her friends) than your collection of star wars bobbleheads.
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Hey, my friends find my Star Wars bobblehead collection VERY impressive!
 
When we first got engaged 8 yrs ago, DH absolutely refused to get me a diamond ring for all of the reasons mentioned in the article. After 4 yrs of marriage and suffering through post-partum depression, I decided to buy one myself. Ultimately, he chose my diamond because he was better at negotiating and got the price down. He's still vehemently against diamonds but recently the jeweler who sold me my ring (3.55 OEC) offered to buy it back from us for the same amount. This brings me to my next question...

Has ANYONE on PS been able to sell their diamond for more than what they paid for?

I started reading PS in 2003 and if I remember correctly, a MRB (ideal cut) was around $4500-5000 at the time from a PS vendor. It's now almost double that! I know that the article says that you will never be able to get your money back but with the recent diamond prices where they are, I wonder if you had a larger/in demand diamond that was bought before 2000, how much could you fetch?

I'm just wondering because I've been following thread about the 5+ carat. I'm sure it's worth a lot more than the original purchase price.

I think I just got lucky with my OEC (bought in 2008 at the peak of the recession). I got it during the time when everyone wanted chunky cushions. Now it seems like OECs are a hot commodities hence the offer to buy it back.
 
There are well over 300 comments on this article and they are interesting reading. They are overwhelmingly in agreement about the abject stupidity and waste of buying diamonds. Here is one comment:

"Diamonds are not even beautiful. They look just obscene and vulgar on people. It seems so dumb, just because these boring stones sparkle, humans are expected to want to wear them. It seems completely insane to me to develop a longing for a diamond."

Okaaaaaaaayy. I totally fit into the category of the kind of person they are insulting as my soon-coming diamond ring is bigger than most people's around me and is a lot of money for us to spend in relation to our overall financial level. (Living away from a big city there aren't a lot of big diamonds..)

BUT I have wanted a beautiful ring for well over 20 years, I LOVE the sparkle and brilliance and light play of a lovely, well-cut diamond, and my family are all excited about this purchase. My husband surprised me by completely unexpectedly giving me a lump sum of money that came in for my dream ring. It was all his idea and even when I tried to talk him out of it for practical reasons he wouldn't hear of it, he had made up his mind. So to me it is not JUST a very pretty rock but a symbol of love that will always mean a lot to me.

My daughter even saved up some of her pocket money to contribute to it (made no difference really but the thought was just sooooo precious, I will always remember it).

So it is LUCKY that it is not about impressing anyone else if the majority of non-Pricescope people think this is a really dumb purchase!!

I don't regret it for a second because it is what WE chose to do and isn't about materialism, showing off or proving yourself, it is just what I like and enjoy for its own sake.
 
jerichosmom|1344986167|3251501 said:
When we first got engaged 8 yrs ago, DH absolutely refused to get me a diamond ring for all of the reasons mentioned in the article. After 4 yrs of marriage and suffering through post-partum depression, I decided to buy one myself. Ultimately, he chose my diamond because he was better at negotiating and got the price down. He's still vehemently against diamonds but recently the jeweler who sold me my ring (3.55 OEC) offered to buy it back from us for the same amount. This brings me to my next question...

Has ANYONE on PS been able to sell their diamond for more than what they paid for?

I started reading PS in 2003 and if I remember correctly, a MRB (ideal cut) was around $4500-5000 at the time from a PS vendor. It's now almost double that! I know that the article says that you will never be able to get your money back but with the recent diamond prices where they are, I wonder if you had a larger/in demand diamond that was bought before 2000, how much could you fetch?

I'm just wondering because I've been following thread about the 5+ carat. I'm sure it's worth a lot more than the original purchase price.

I think I just got lucky with my OEC (bought in 2008 at the peak of the recession). I got it during the time when everyone wanted chunky cushions. Now it seems like OECs are a hot commodities hence the offer to buy it back.
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There were significant price increases on diamonds in 2011. So anyone who bought in the previous few years could potentially see a large increase in value, but probably not double for most stones. Yours being an OEC is different because those generally aren't priced like round brilliants anyway. It is a very rare occurence, but some people with desirable stones (well cut stones or a nice OEC which is popular now) could see a profit if they tried to sell because of this unusual circumstance.
 
I used to go to ira's site a lot but felt he was pushing James Allen too much. As far his article, the title gets a rise out of people but isn't that far off base. If it were titled "7 bad reasons to buy a diamond" I think people would agree. I've read countless articles on how diamond values don't even keep up with inflation at times. I mean real estate is usually a good investment but can backfire on you. But people can at least live in the house! We live in a modern world with cries for equal rights but engagement rings feel like an out of date tradition that women want to cling to. A diamond is not an investment (not a good one at least), it shouldn't be something to prove someone's love but man, it really turns into a pissing contest sometimes! you shouldn't spend more than you can afford yet how many people finance them, and the industry is definitely predatory in certain markets and with price manipulation. That said, as a "anti-diamond" guy, I had the most wonderful time designing my fiance's ring as i considered it a challenge. I cant wait to come back to PS for help designing next piece of jewelry I give her! I love how it looks, it makes her happy and I'm ok knowing it may be worthless tomorrow; and yes, I could have done a lot with the $ I spent on it but I'll just go out and make more $ to do that stuff while knowing my woman is happy with the rock (or pebble) on her finger. I guess I'm not anti-diamond anymore!
 
I agree, the title is a significant portion of the problem, and it's entirely possible that Ira didn't even write that. It's not at all unusual for publishers to change titles in order to give an article more 'punch'. Huffington Post is certainly one that wouldn't surprise me for doing that.
 
jerichosmom|1344986167|3251501 said:
Has ANYONE on PS been able to sell their diamond for more than what they paid for?

I started reading PS in 2003 and if I remember correctly, a MRB (ideal cut) was around $4500-5000 at the time from a PS vendor. It's now almost double that! I know that the article says that you will never be able to get your money back but with the recent diamond prices where they are, I wonder if you had a larger/in demand diamond that was bought before 2000, how much could you fetch?
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I bought in 2009 and was able to sell for a (small) profit in 2011. I got back about $800 more than I paid. Not great, but still, I was so excited I didn't have to sell for a loss!
 
Both women and men have been adorning themselves with colorful and symbolic items for hundreds of thousands of years. The desire to do some comes from something deep inside us as human beings, perhaps even wired into our genetic code. Maybe it is just a learned desire as we have marveled at the world around us and found pleasure in identifying ourselves with the spectacular beauty and diversity of nature. The earliest peoples developed makeup from plants and animals, collected special feathers and beautiful sea shells and stones to make headdresses and necklaces.

Diamonds are certainly a more recent development in the history of mankind’s fascination with beautiful natural objects, largely due to the evolution of technology required to unlock the magic in a fine diamond crystal. For those fortunate enough to own and enjoy them diamonds are a wonderful part of the celebration of life that has been practiced by our ancestors through the ages.

Oh yea, and chicks dig’em :wink2:
 
Like a tattoo, an engagement ring is that you're supposed to wear for the rest of your life. It's something you'll look at every single day. It's not a waste of money if you can afford a nice one.
 
How about this: Buy diamonds because chicks dig 'em.

That puts them in the same category as skis, motorcycles, beer, fine art, most clothing, and in fact most of what we spend our money on...
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You go, Denver!

I think the major-sour-grapes guys are so against diamonds because it's one gift that they buy for the woman, and then they don't control it anymore, they don't ever get to use it themselves. It's hers, and hers alone. Cars, motorcycles, big screen TVs, electronic gadgets of all types, fishing gear, etc. etc.: How many women, wives in particular, have ever received a gift from a spouse or SO that is something that the guy somehow gets to use and enjoy, himself, and probably bought with the intention that he'd get to use it, too! A woman's diamond ring: Chances of the guy "borrowing" that are slim to none. :-D

Many men are just simply selfish and resentful of having to give a woman anything so expensive that becomes hers to keep. They might begrudge "having" to spend $2500 - $10000 or more on a ring for her, but how much are they willing to pee away over say, 25 years, on cigarettes, vehicles, sporting goods, TVs, computers, electronics, booze, restaurant meals, tattoos, and other depreciating assets.
 
TC1987|1345063408|3251961 said:
Many men are just simply selfish and resentful of having to give a woman anything so expensive that becomes hers to keep. They might begrudge "having" to spend $2500 - $10000 or more on a ring for her, but how much are they willing to pee away over say, 25 years, on cigarettes, vehicles, sporting goods, TVs, computers, electronics, booze, restaurant meals, tattoos, and other depreciating assets.
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Well technically, a lot of those other things are used by more than one person in the family, and they have a purpose other than to look pretty. ;)) Obviously not the cigarettes of course, lol! But you know what I mean. Don't get me wrong, I do love my ring and my husband loved giving it to me, but I do think it's a lot of money to have sitting on a finger (literally!).
 
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