De Beers plead guilty to the crime of price-fixing a few years ago; the reason the company wants you to believe that a diamond is forever is so that you'll never try to sell the ones you have! Additionally, the minute you buy a diamond its value decreases substantially; dealers will do buy backs for a fraction of the cost paid. Plus, there are reportedly tons of diamonds unearthed every year but held back from the market to keep prices high. (De Beers points out that "An estimated 5 million people have access to appropriate healthcare globally thanks to revenues from diamonds." ) But De Beers (which controls about 40% of the world diamond market) built its company on the backs of "poorly-paid, abominably treated native African workers," and is often accused of human rights violations and illegal mining operations. Though the company (often referred to as a "cartel" or a "monopoly") now claims to comply with the Kimberley Process and offer "clean" diamonds, there are numerous reports of corruption in certain African countries due to De Beers paying off the cops and government. And the abuse rumors have not gone away. One African blogger wrote: "I believe De Beers are so neck deep in this they are even editing stories in Wikipedia." Knowing all of this, doesn't selling "tribal-inspired" jewelry seem rather déclassé? But! As a De Beers spokesman, Andy Lamont, once said: "Diamonds don't kill people. People kill people."

De Beers Pleads Guilty In Price Fixing Case [MSNBC]
History Of Single LIfe: Diamond Engagement Rings [Nerve]
Namibia: Exposing The Corrupt Practices Of The De Beers Diamond Cartel [ZNet]
Why De Beers Wants You 'Blood Diamond'-Savvy [Time]
10 Reasons Not To Buy Diamonds [Field Guide To The US Economy]
Blood Diamonds - De Beers Conspiracy [Africa, The Next Generation]

Related: Combating Conflict Diamonds [Global Witness]
De Beers Diamond Policy [De Beers]
DiamondFacts.Org
Real Diamond Facts.Org

Writes Mondschein:

The slogan "a diamond is forever" debuted in 1947, giving consumers not only the idea that the diamond is a symbol of enduring love, but that it shouldn't be resold. This was because diamonds lose considerable value in resale, and since there's no point in paying De Beers full price when you could get a cheaper one second-hand, De Beers loses a lucrative sale on every diamond resold.

Mondschien also claims that the subtext of a woman hinting that she wants diamonds — and even the right hand ring conceit — is "near-prostitution."The marketing plays on a man's ego ("If you don't buy her a diamond, it implies, you not only don't love her, you can't afford her") as well as a woman's (you're supposed to think to yourself, I'm worth it). But, as with all complicated and deep-rooted traditions, the big question is: How do we break out of our diamond lust? De Beers has been accused of price-fixing and trading in conflict diamonds, but don't we all STILL look at the fingers of newly-engaged women and expect to see sparklers? How come we're all hanging on to the idea that diamonds are a girl's best friend?

History Of Single Life: Diamond Engagement Rings [Nerve]

Earlier: I Thee Dread