Why diamonds are bad

It's not like with cars, for example. You know you need a car, so the car companies compete for your attention with their ads. In this case De Beers spent millions upon millions convincing the public that they needed to buy a product that they basically created out of thin air thin air that they alone controlled.

People explain away spending thousands of dollars on a little stone because they mistakenly believe that the diamond is a solid investment. Are there any other investment classes where the person selling you the asset makes a minimum 10 percent profit margin usually much more?

Most people would be lucky to get half of what they paid if they tried to sell a ring the day after they bought it. Don't fool yourself into thinking that buying a diamond is a safe place to put away money for a rainy day. There's virtually no end to the various games dealers can play to help them eke out a higher return and therefore giving you less value.

I'm not only a very experienced diamond dealer, I'm also a father of six, married for 13 years. The expenses only grow with time, they don't get easier! Believe me, five years later, you'll be wishing you had a spare five grand lying around. If Mark Zuckerberg can forgo the diamond engagement ring , then you can too.

Find someone more grounded who is excited about building a life together with you -- not someone who's trying to continue being single while taking you along for the ride.

I have consciously left out of this list any arguments about immoral practices in the diamond business i. The odds of buying an actual blood diamond in developed countries are extremely low. There are checks and balances in place that would make it extremely risky for a dealer to sneak something in illegally. I don't want to be perceived as hypocritical. If one takes a stance against poor working conditions, then I believe it should be done across the board.

I don't believe the diamond business is any more guilty than any other industry that does most of its production in poorer countries on the other side of the world. Moral issues aside, there are enough reasons not to succumb to the greatest scam in history.

These are diamonds that are produced in war zones to finance civil wars. It is impossible to track the origin of diamonds, thus in the Kimberly Process was created. This process is carried out by the manufactures and it is a way to ensure the diamonds are not blood diamonds.

Each diamond is given a certificate to prove its origin. Though mining has many negative impacts on society, the process has been highly regulated as of late and diamonds do provide many benefits to the countries in which diamonds are found and mined. The biggest impact diamonds have on these countries is a financial one.

Diamonds, specifically in the African nations, make up a huge part of their respective GDPs. The subsequent steps, sorting, cutting and polishing, jewelry manufacturing, and retailing all have very similar impacts on society and are mainly very beneficial. The above steps in the pipeline are very global and bring wealth and jobs all over the world.

During the sorting process, diamonds are given a Kimberly Process Certificate, as mentioned above. This certificate ensures that the diamonds came from countries employing fair labor conditions as well as came from conflict free zones. This political and humanitarian initiative has helped clean up the controversial industry and has turned a once corrupted industry into a respectable one. At the cutting and polishing stage many large cities are involved.

This step has helped jump start economies such as that of Thailand as infrastructure was developed to handle the care and cutting of these precious gems.

More and more countries have become involved in the earlier steps of diamond jewelry production than ever before. This step has contributed a lot of money to up and coming countries GDPs. The further you move down the pipeline the more companies there are involved and the more jobs there are available.

Rebecca Lake is a journalist at CreditDonkey, a diamond jeweler comparison and reviews website. Write to Rebecca Lake at rebecca creditdonkey.

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You should consult your own professional advisors for such advice. By Rebecca Lake. Read more about Love. Leave a comment about 23 Reasons Why Diamonds are Bad? Name Email won't be published. Diamond Prices Get the maximum bling for your buck.