Why Engagement Rings are a Scam
For decades, De Beers has been the preeminent name in diamonds.
Thanks to a stockpile of the world’s rough diamond supply, indelible marketing schemes and even negotiations with foreign governments for their diamonds, De Beers — owned by the Oppenheimer family since the 1920s — has been the most important name in one of the world’s most lucrative businesses for almost a century.
This video here explains how Debeers has been fooling the entire world, and why a diamond has no intrinsic value.
Before people found diamonds in Africa they were rare, and thus they actually were very expensive. Then companies working in Africa found Diamonds, a lot of diamonds.
All these mines could have competed against one another and flooded the market with diamonds, crashing their value and ruining all their investments OR they could all sell their mines to one massive Rothschilds backed conglomerate and everyone would be rich. They choose the second option. Thus a new company called DeBeers was born, and it controlled virtually all the diamonds in Africa, which amounted to literal tons upon tons, warehouses upon warehouses of diamonds.
As to how did they sell it, by using extensive ad campaigns and only releasing small quantities of their nearly unlimited supply of diamonds allowed DeBeers to hold a monopoly on diamond production (including blood diamonds). Eventually most nations including the US labeled DeBeers a cartel and made doing business with them illegal. However, DeBeers just sells their diamonds to Swiss companies who resell them to US companies so DeBeers still makes an insane amount of money.