While there is a popular movement among some brides away from diamonds, opting instead for unique non-traditional engagement rings, diamonds are still a favorite among many. There are some beautiful vintage-inspired diamond engagement rings, in addition to the many gorgeous engagement rings inspired by the engagement rings worn by famous celebrities.
Are diamonds worth it? Here are 7 reasons why diamonds are not a waste of money, from Ritani:
An engagement ring and wedding band should be first and foremost a reflection of your personality and taste. Naturally, there’s no problem with people deciding they don’t want a diamond ring for personal reasons.
However, recently I’ve been seeing a fair amount of articles and blog posts out there about diamonds being a waste of money, a bad investment, and so on. Sure, diamonds aren’t for everyone, but claiming they don’t have investment value is just untrue. In this post I’ll be providing 7 reasons why diamonds are not a waste of money, especially in today’s market.
1. Demand for diamonds is higher than supply – and will be for the foreseeable future.
Growing middle classes around the world – especially in China and India – have reenergized the diamond market and created an interesting phenomenon. Diamond engagement rings are becoming more and more popular with young Chinese couples, causing a spike in the demand for diamonds. This is creating a demand that outpaces diamond supply and mining capabilities. However, the US is still the largest country for certified diamonds. Demand in the US and Europe has also been fairly consistent over the past 5 years. As demand continues to outstrip supply, diamonds will of course become far more rare, which also makes them more valuable.
2. Diamond prices have rebounded since the recession.
Diamonds were slow to be affected by the most recent recession, so it took longer for their prices to rebound. In general, the market recovered in 2010-2011. For diamonds, that rebound didn’t happen until about 2012. Unlike some key housing markets, though, diamonds are now fully recovered and maintaining their value post-recession. You can see the dip, recovery, and rise represented on this handy graph from Pricescope: