Branding and emotion is the driving power. In the same way there's an emotional element to buying baby equipment (feeling like you need brand new clothes, cot, pram etc), there's a perception that true love is represented by a pricey diamond engagement ring. Having lived in South Africa and then after finding out how this industry controls the supply to maintain high prices, I specifically asked my fiancé for a lab-diamond. And I love my ring.. it's just a beautiful and sparkly.
I feel sorry for the people who still believe in forking out a small fortune for a diamond.
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