Published at Friday, 16 August 2019. Wedding Ring. By Capucine Anglais.
In many areas of Africa, revolutionary groups have taken over some of the diamond mines using proceeds to finance their illegal operations. These diamonds are referred to as conflict diamonds or blood diamonds. The United Nations instituted a system of controlling diamonds that were taken from these groups by insisting that all of the legal diamonds must be accompanied by a certificate of sale as they moved through the system but the system has not worked well. Today, these blood diamonds total less than 2% of the overall market share.
For many years, it was thought that diamonds worn on the left hand would ward off evil spirits and they signified betrothal to the public. Finally, those who could afford it began to call it a diamond engagement ring. The popularity of the diamond engagement ring really began to take off in 1938 when the advertising slogan, Diamonds are Forever, was coined and when De Beers introduced the control system that successfully worked as diamonds were withheld from the market by way of a monopoly. In the early 20th century, one of the chairman of De Beers Diamond Mining Corporation optimistically predicted that the diamond trade would prosper, ”so long as men are foolish and women are vain.”
What was the average engagement ring and wedding band cost two years ago? $5,200 for an engagement ring and $1,126 for wedding bands for brides – a wedding ring for the groom had an average price tag of just $491. The most popular forms of engagement rings were round (53 percent), princess (30 percent) and made of white gold (73 percent). Of course, it doesn’t take the average groom a couple of hours to find the perfect ring. Instead, it took roughly three months for the man to locate a ring that was just perfect for his bride-to-be.
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