Are Diamond Engagement Rings The World’s Biggest Scam?

| May 11, 2015 | 2 Comments
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Are Diamond Engagement Rings The World's Biggest Scam?  in5d in 5d  body mind soul spirit

by Gregg Prescott, M.S.

Have you ever wondered about the origin of engagement rings?  At face value, engagement rings symbolize the eternal love we share for one another but when did this ritual begin and why?

Scam origins

The most notable name that comes to mind is the De Beers Diamond Corporation who, in conjunction with advertising agency N. W. Ayer, launched an extensive campaign in 1938, stating that the best way for a man to show his love to his woman was to buy her an expensive engagement ring. The head game that was played out boiled down to the bigger the diamond, the more you love your woman.

Some of the early origins of television brainwashing is associated with this scam.  With the advent of motion pictures, movie stars were seen wearing large diamonds.  in 1947, the De Beers company came up with their slogan, “Diamonds are forever”.  Psychologically, this challenges one’s manhood and ego through societal definitions of success. From this point forward, the price of diamonds skyrocketed.

The ruling elite

De Beers had been family-owned by the Oppenheimer family since the 1920’s.  The Oppenheimer family is part of the Committee of 300, which includes such names as Agnelli, Balliol, Beale, Bell, Bouvier, Bush, Cameron, Campbell, Carnegie, Carrington, Coolidge, Delano, Douglas, Ford, Gardner, Graham, Hamilton, Harriman, Heinz, Kuhn, Lindsay, Loeb, Mellon, Montgomery, Morgan, Norman, Rhodes, Roosevelt, Russell, Savoy, Schiff, Seton, Spencer, Stewart/Stuart, Taft, and Wilson.

The Committee of 300 are a group of social elite who are under the Council of Thirteen, which include the names of Rothschild (Bauer or Bower), Bruce,Cavendish (Kennedy), De Medici, Hanover, Hapsburg, Krupp, Plantagenet, Rockefeller, Romanov, Sinclair (St. Clair), Warburg (del Banco), Windsor (Saxe-Coburg-Gothe).

In 2011, De Beers sold its remaining 40% shares of the company to Anglo American, plc for $5.1 Billion.

If the Council of Thirteen and the Committee of 300 are part of orchestrating world events, then it’s quite feasible that the Oppenheimer’s knew in advanced about the impending collapse of the U.S. fiat monetary system we know as the Federal reserve.  This also explains why the prices of gold and silver have been severely undervalued as the ruling elite can buy as much as possible before the collapse of world currency because when that happens, the only thing of true value will be assets, not fiat currency.

If the price of diamonds are overvalued today, then they will not be worth very much after a collapse.  It would be interesting to see how much money the Oppenheimers invested into gold and silver after they sold their remaining shares of the diamond business.

Creating a need through false scarcity

According to Business Insider:

De Beers took on many forms around the world as its influence in the diamond trade grew. To control supply and demand—and thus, prices—Rhodes created distribution arms through “The Diamond Syndicate,” including “The Diamond Trading Company” in London and “The Syndicate” in Israel.

Diamond claim holders and distributors joined up with De Beers because their interests were the same: create a scarcity of diamonds and high prices will follow.

A losing proposition

If you’re trying to sell a diamond ring, chances are that you’ll be very lucky to get half of its original “value”.  The following is an excerpt from The Atlantic in 1982:

Retail jewelers, especially the prestigious Fifth Avenue stores, prefer not to buy back diamonds from customers, because the offer they would make would most likely be considered ridiculously low. The “keystone,” or markup, on a diamond and its setting may range from 100 to 200 percent, depending on the policy of the store; if it bought diamonds back from customers, it would have to buy them back at wholesale prices.

Most jewelers would prefer not to make a customer an offer that might be deemed insulting and also might undercut the widely held notion that diamonds go up in value. Moreover, since retailers generally receive their diamonds from wholesalers on consignment, and need not pay for them until they are sold, they would not readily risk their own cash to buy diamonds from customers.

Because of the steep markup on diamonds, individuals who buy retail and in effect sell wholesale often suffer enormous losses. For example, Brod estimates that a half-carat diamond ring, which might cost $2,000 at a retail jewelry store, could be sold for only $600 at Empire.

The appraisers at Empire Diamonds examine thousands of diamonds a month but rarely turn up a diamond of extraordinary quality. Almost all the diamonds they find are slightly flawed, off-color, commercial-grade diamonds. The chief appraiser says, “When most of these diamonds were purchased, American women were concerned with the size of the diamond, not its intrinsic quality.” He points out that the setting frequently conceals flaws, and adds, “The sort of flawless, investment-grade diamond one reads about is almost never found in jewelry.”

Advertising and conformity

In a two income household society, it’s not very practical to spend at least “one month’s salary” on a perceived investment that loses value immediately when it could be better spent on your children’s futures.  If quartz crystals had the same perceived value, then we would have seen the same skyrocketing of price because as consumers, we tend to literally buy into the advertising manipulation coupled with societal pressures to conform.

In the 1950’s, a study was done on conformity called the Asch conformity experiments or the Asch Paradigm. A subject was placed in  room with several other people.  The group of people were shown a series on images that had one line being compared to three other lines of various sizes drawn on a piece of paper and each person was to verbalize which line was most similar to the first line.  The control group were instructed to take the same line that was noticeably smaller than the first line.  The subject, at first, would choose the longest line while looking at the other participants in disbelief.  Eventually, the subject conformed to whatever the group said was the most similar line, knowing in his mind that his choice was not the right selection.

Outside of the fear for what our friends may think about us, the mainstream media is probably the biggest antagonist for conformity by swaying public opinion.  For example, if a celebrity is wearing a certain brand name of clothing while drinking a particular brand of beverage, this person will influence the viewer on his or her taste in clothing and what to drink.  the same thing can be said for diamonds.

The following video describes this diamond scam:

The fact is that diamonds aren’t a rare commodity but through the restricting of the supply, De Beers created a desire for the product through ingenious, psychological marketing schemes based on greed…  and not the love a couple shares with one another.

What are your thoughts?  Comment below!

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Category: Awareness, Lifestyle