Aside from being the hardest materials on Earth, diamonds are also incredibly common. In fact, they’re one of the most popular gemstones on Earth, particularly for engagement rings for women.
Here are some of the most common myths that exist today when it comes to diamonds & the diamond industry:
Diamonds are extremely rare. False!
There are more diamonds in existence than ever before. The price of diamonds is determined by the amount of diamonds that are mined each year. In order to keep the market price high, the industry limits the release of new stones.
Diamonds are expensive to mine. False!
It is commonly believed that the high price of diamonds is due to the difficulty in mining them. However, this is not true. In fact, they are not as hard to mine as they used to be, especially given the technological advancements of the 20th & 21st centuries which have dramatically reduced the cost of labour across the industry.
Diamonds are a great investment when selecting an Engagement Ring. False!
Retail is a crazy place full of hidden costs & it’s mostly unknown to most consumers. In most cases, when purchasing a diamond, the retail price is typically 50% to 70% higher than the value that you’ll receive at an appraisal.
The industry tries to keep these myths alive in order to convince consumers of this when really diamonds are not so rare & not so special.
Many of the myths around diamonds are just a part of the industry’s attempt to keep consumers satisfied with the prices for these incredibly expensive gems. If you are not comfortable with the amount of money that goes into buying a diamond engagement ring in particularly, then I would definitely discourage settling for a lower quality one when you are able to look at alternatives, such as Moissanite gemstones, that offer premium quality options in the highest grades of the 4C’s (Clarity, Cut, Color, Carat). Diamonds are definitely beautiful, I myself am a big fan of their look, but that doesn’t mean they should be so expensive for absolutely no reason!
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