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The De Beers consortium also mounted a
concerted advertising campaign that
spanned decades, in order to create
an association of diamonds with
love, courtship and marriage,
under the now familiar slogan
“Diamonds are Forever”.
The diamond engagement
ring, once unknown in
most parts of the world
(including Europe), is
now considered an es-
sential part of the ritual
of marriage. It is hard
to avoid the conclusion
that diamond’s special
position as a precious
stone is largely due to
monopoly economics and
social engineering.
These days a number of rare
“semi-precious” stones such as
alexandrite, demantoid garnet, tsa-
vorite garnet and tanzanite can be just
as expensive as ruby and sapphire.
Very fine tourmaline,
spinel and
large
aq-
ua-
ma-
rine
gems also
command very
high prices. It is fair to
say that we have now reached
the point where the distinction between
precious and semi-precious gem-
stones has become meaningless.
The US Federal Trade Com-
mission periodically considers
banning the use of the terms
altogether to reduce con-
sumer confusion. Indeed,
the American Gem Trade
Association (AGTA) has
already added the following
text to their Code of Ethics;
“Members should avoid the
use of the term ‘semi-precious’
in describing gemstones”.