Diamonds - Are They Really Worth the Cost?

hardDiamond asks: "I'm going to get engaged. I know my 4 C's. I know I'm going to get screwed by the jeweller, but that's okay: after all, a diamond engagement ring is a time-honoured tradition... NOT. Having checked out the goods, looked for the flaws, I found the biggest one of all. Diamond engagement rings are the creation of a well orchestrated advertising campaign for most of the last century - according to this article. Would you buy one for the love of your life? I know my girlfriend would love a diamond, but ethically I have my doubts. Diseased-miners, child slave labour, cartel inflated prices... and as if that wasn't enough, diamonds have no resale value. Naddah. Zilch. They'll sell you the shit, but damn it, they're not taking it back at any price. So what have my fellow slashdotters done with regards to engagement rings? What's a good substitute for diamonds? My girlfriend understands my thoughts regarding diamonds, but deep down, I'm sure she would like a diamond. Even a small one." I've never even thought about questioning such a time honored tradition, but now I'm curious. Have any of you looked at the issues surrounding diamonds and found them wanting? What alternatives have you found and were they acceptable? After researching this a bit, one of the key facts to surface is that 2-4.5% of diamond sales will go to finance terrorism or forms of violence. Such diamonds, for want of a better term, have been named "conflict diamonds". For those of you interested in following up on this subject, here are a few more links:

Fatal Transactions
Conflict Diamonds: Sanctions and War
The Campaign to Eliminate Conflict Diamonds
The Kimberly Process, which will attempt to track diamonds to their origin. This is to begin in November.

For those of you who have a subscription to Science News, the cover story, this month, deals with this issue as well.

Comments

Opals

[atrus]

Opals are always a nice stone and do have a decent resale value. Of course they're rather hard to find in the US.

Canadian diamonds

[simetra]

They're really expensive, but are guaranteed not to have the ethical overhead of others. Plus, they have a cool little polar bear laser-etched into the side (very tiny, you have to use a loupe to see it).

They're called Polar Bear Diamonds.

Re:Canadian diamonds

[gehrehmee]

As silly as this sounds, it looks like this might actually be true.

http://www.siriusdiamonds.com/

Show on Nova last week!

[Telastyn]

About manufactured diamonds and their history.

currently Gemesis is America's primary manufacturer. They are building a $25m factory for making better/ different colored diamonds. Currently they can make yellow ones, though the show showed clear, and fanciful colored ones (in testing it seems).

They are "real" diamonds, pretty much seeded carbon crystal. Any gemologist can likely tell you they are real diamond, albeit manufactured. AFAIK the cost is a little higher, if not compriable for now.

Progress in synthetics

[Phronesis]

Progress in large gem-quality synthetic diamonds is proceeding so fast that DeBeers is developing quite sophisticated techniques (ultraviolet phosphorescence) to allow jewelers to tell synthetic from natural stones. Perhaps it will not be too long before the "conflict diamond" problem disappears because synthetics displace natural diamonds for most of the market.

A good account of the state of the art two years ago can be found in the transcript of a NOVA show on diamond synthesis: http://www.pbs.org/wgbh/nova/transcripts/2703diamo nd.html

When you send one of our diamonds to De Beers, right, the only way they can detect that this is not a natural diamond is really through phosphorescence. They take this, and they put in, they hit it with a UV light, and after the UV light goes off, this thing will phosphoresce for about three to five seconds. That is typical of a synthetic diamond versus a natural diamond.

...

NARRATOR:Faced with the future threat of synthetic diamonds being imperceptible to the trade, De Beers is already preparing its bottom line - one low-tech way to guarantee detection. They are putting minute logos on their diamonds.

STEPHEN LUSSIER: If we can give the consumer a little bit more help in telling him what's a good diamond, that regardless of what they know or what their jeweler knows, De Beers has told them that this diamond is natural from - as it came out of the ground, created by nature billions of years ago and not one that popped out of a machine last Wednesday in Kansas City.

One answer, eh? Ethical Canadian Diamonds

[Audent]

http://canadian-diamonds.theshoppe.com/canadian_di amond_mining.htm

to quote: Canadian diamonds treasured by the worlds diamond experts. Sought after for their incredible beauty and brilliance. Mined in accordance to the highest ethical standards.

I believe everything I read on the Internet, of course, but hey, worth a look - especially if you want to REALLY surprise her with the kneeling and the asking and the whatnot.

Try Emeralds

[freakinPsycho]

Better than diamonds or opals are emeralds.

Emeralds are actually more rare than diamonds, and so are worth more.

Not just advertising...

[Will_Malverson]

In his book "Hidden Order: The Economics of Everyday Life", David D. Friedman says that there is another reason for the growth in engagement rings over the past century. In a nutshell:

Premarital sex was not invented in the 1960s, and has in fact been around ever since just before the first marriage. Of course, back in the good old days, a good girl would never have sex before wedlock. However, some were willing to bend the rules once they were engaged. So, men quickly discovered that you could ask a woman to marry you, have sex with her, and then break off the engagement.

Up until 1935, this was considered an actionable tort in 47 of the 48 states. A woman who was deceived in this way could sue for the value of her lost virginity and subsequent difficulty in acquiring a husband. State legislatures passed laws against these suits in the 1930s and 1940s.

So, after this ability was removed, women needed a new way to ensure that a man proposing marriage really meant it. It became social custom that a man asking for marriage would post a performance bond equivalent to about twice his monthly salary. This bond would be forfeitable upon his breaking off of the engagement, but returnable if she broke off the engagement. This 'bond' was implemented as a diamond ring, because it was an easy way to, er, 'crystalize' two months of his salary in an easy-to-handle package.

In essence, the engagement ring is a private reimplementation of a canceled government policy.

There are other countries...

[SoSueMe]

There are other, less oppressive, countries to obtain diamonds from.
Where?
Canada.
What? Canada?
There are only Igloos and Eskimos (Inuit) up there, right?

Not so, there are also Polar Bears.
http://www.siriusdiamonds.com/home.htm

If you're Canadian, buy Canadian.
If you're American, buy North American.

Just a suggestion.

The Atlantic article is really interesting

[phr2]

I may blow some /. karma by saying this, but that Atlantic article is one of the best pieces I've seen linked from /. in quite a while. It has nothing to do with tech or software and can't really be called news for nerds, but it's an eye-opener about how businesses manipulate public perception out there in the real world. If you skipped the article and went straight to the comments like I did, it's worth going back to read the article.