Overview
This discussion analyzes how the modern desire for diamonds was manufactured through marketing, highlighting key myths about their rarity and symbolic value in love and marriage.
The Myth of Diamond Rarity
- Diamonds are not rare; they are common and their high value is not due to scarcity.
- Throughout the 20th century, diamond supplies were deliberately restricted to create an illusion of rarity.
Diamonds and the Concept of Love
- The association between diamonds and love/marriage is a marketing invention, not a historical or intrinsic connection.
- In 1947, a copywriter coined the slogan "A diamond is forever," fundamentally shifting consumer attitudes.
- This campaign is recognized as the advertising industry's most effective campaign of the 20th century.
Marketing Strategies and Consumer Impact
- The advertising goal was to make diamonds a necessity for courtship and marriage among women.
- For men, the campaign linked the size and cost of a diamond to the depth of their love.
- To make diamonds attainable for non-wealthy consumers, a guideline was introduced: spend two months’ salary on a diamond ring.
- This strategy normalized significant spending, even incurring debt, for engagement rings.
Consequences and Critique
- Many people went into debt to purchase diamonds that have limited actual value.
- The campaign’s effects endure, with people associating love and commitment with diamond purchases.
- The discussion hints at irony in buying expensive rings, sometimes paying them off after relationships end.