Wedding Tips & Advice

Are Diamonds A Waste Of Money?

According to Ira Weissman, founder of a website on the truth about diamonds, these precious stones are a waste of your money.

He calls them ‘the greatest scam in history’ and proposes that the pressure to buy them is merely social; that when you stop and think about it for a moment, you might take a reality check.

He not only makes this rather audacious comment, but he follows it up with a number of reasons to back the claim.

And here, more or less, is what he thinks:

They’re little more than a marketing ploy

Ira sites De Beers as the big player in the PR job that turned diamonds into ‘down-on-bended knee’ tradition. Weissman says diamonds are not a girl’s best friend at all. Rather we have been conned into believing that they’re a necessity.

They’re not an investment

Despite being sold the line that diamonds will grow in value, that they’re an investment, Weissman says they’re simply a retail product like any other out there. Try selling your diamond ring a day after you’ve bought it, he says, and you’ll be lucky to get half of what you paid for it.

The diamond market is rife with con artists

He terms it slightly differently. He calls them ‘sharks’. Nonetheless, the message is clear – there are unscrupulous players in the business (he consciously leaves out the argument about blood diamonds, unfavourable working conditions and child labour, but this is because he lives in the first world where blood diamonds are highly unlikely.)

They’re a poor financial decision

Spending a month or two’s salary on a stone is a waste of money. Rather save it.

A diamond does not prove he loves you

Ira Weissman has been in the diamond business for over 10 years, travelled all over the world buying and selling the stones, and runs a diamond education site to help those considering buying the stones. He obviously has grounds for his statements. But do we agree with him?

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