Sunday, February 24, 2008

Downside to Engagement Rings

Many single women dream for the day they receive their diamond engagement ring. Yet for many people, there’s a downside to the rings.

First is the cost. Diamonds are precious, but are far from rare. In fact, the price of diamonds is propped up through a legal cartel system where the supply of diamonds is artificially restricted (although the DeBeers cartel recently settled a class action lawsuit related to its price-fixing scheme). The leading force behind this is the DeBeers diamond cartel the world’s largest supplier of diamonds, which has a near monopoly throughout the world.

As we looked into purchasing our engagement ring, we wanted a diamond that did not come from the DeBeers diamond cartel. We didn’t want a “blood diamond”—a diamond that is mind for the purpose of paying for nasty civil wars in Africa.

You can also learn more at Stop Blood Diamonds.

You can also learn more about fair trade diamonds, diamonds that are not tainted through blood and murder.

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