[semanticc]

The [artificial] scarcity and [unjustifiably] high price are properties of almost all luxury goods. And those are exactly what makes them (watches, handbags, diamonds etc.) so desirable to many.

I fully agree that spending two months' gross salary on an engagement ring is way too much though, and I would never ever get into debt for that. But, similarly as I enjoy wearing a relatively useless but expensive watch daily, I didn't mind dropping approx. 2/3 of a month's net salary on my fiancé's diamond engagement ring, which she got to choose and now cherishes and admires every day.