De Beers Invented Diamond Engagement Ring Tradition
According to this excerpted interview with Janine Roberts, author of Glitter & Greed: The Secret World of the Diamond Cartel, diamond monopolist De Beers invented the tradition of a diamond engagement ring:
Diamonds became engagement stones around the end of the recession. Ernest Oppenheimer, who was in control of De Beers in the 1930s, was shutting down diamond mines to control supply and keep the price of diamonds high. He sent his son Harry to New York to meet with advertisers, because he realized that he couldn’t have diamonds being bought up just by rich people. They needed something that would appeal to everyone.
Well, everyone has to get engaged. So they spent a million pounds a year (about $1.7 million) to establish the diamond engagement ring as a sacrament — a spiritual thing. “Diamonds are forever.” They invented that and advertised it at every high school at the time. They got Paramount Studios involved by having the female stars wearing diamonds and by creating diamonds films. Marilyn Monroe’s “Diamonds are a girl’s best friend” and such. That advertising campaign created the myth.
This is an epic example of the power of advertising. De Beers invented a social norm requiring newlyweds to purchase an expensive diamond ring from De Beers. As of today, what was once an advertisement has become an institution of American culture, and its status as consumer manipulation is invisible. Even worse for us (but even better for De Beers), the manipulation has become self-enforcing: With the myth internalized, the receipt of a diamond engagement ring is rewarded with verbal approval, while the absence of a diamond engagement ring is punished by verbal disapproval and gossip.