One of the first things that I wish to buy from my salary is a diamond ring for my mom. In a “bee Attack” my mom lost her diamond earrings and cried a lot, which led to my grandparents gifting her a new pair. As I write, my cousin is probably looking for the perfect ring for her to-be fiancée. A relative of mine traded some of their gold jewelry for diamond pieces. Even though diamonds can now be synthesized in labs, gold remains a finite resource on our planet (Its pretty fascinating; you can check it out here), often boasting a higher resale value. Why do we assign such high value to diamonds? And how have diamonds become an integral part of our expression of love? Was it the case since old times, or is it something very new?
A brief history from Indian Context
Before diamonds were discovered in Brazil in the early eighteenth century, India was the world’s only source of diamonds. They were used as a talisman to ward off evil, to provide protection in battle, and, of course, to be worn as gorgeous embellishments in 22k gold Indian jewelry. Then how did it get transformed into an expression of love? Source
I believe that without much argument, it can be deduced that the fascination with diamonds and this idea of using diamonds to express love, like many other ideas, came from the west. But that led me to another question: the general population of the west, for the longest time, did not have access to diamonds, so what led them to relate diamonds to expressions of love?
Cheers to De Beers!
Some credit could be given to De Beers, a renowned international corporation that has dominated the diamond industry for over 130 years. (You can read more about the company here)
Drawing from the late 1800s, De Beers has been the puppeteer behind the diamond curtain, ensuring the world sees them as rare gems. In "Diamond Play", they've masterfully crafted the narrative that diamonds are the epitome of romance and value. Just as my mom cherished her diamond earrings, today's consumers treasure diamonds, a sentiment deeply rooted in De Beers' enduring influence. Why do we see diamonds as the ultimate token of love and luxury? De Beers is largely responsible for writing that story. Their operating strategy has been pure and simple: to restrict the number of diamonds released into the market in any given year and perpetuate the myth that they are scarce and should therefore command high prices.
Not 20 years from now, there will be a general perception that diamonds are rare, but are they really that rare?
It is interesting to note that diamond prices have little or no relation to the cost of extraction or production. The same mining process or efforts are just as likely to unearth gem-quality stones as cheaper industrial stones. Moreover, there is actually no world shortage of rough diamonds. (Bergenstock, D. J., & Maskulka, J. M.)
A Diamond Is forever.
Over the past 60+ years, De Beers has designed one of the most unique and successful marketing strategies in history, using a carefully orchestrated marketing program in which all elements send a consistent, integrated message of romance, love, tradition, elegance, and value creation. In 1999, “The Advertising Century,” a special supplement to Advertising Age, ranked the campaign sixth on a list of the top 100 ad campaigns of the century. (Bergenstock, D. J., & Maskulka, J. M.)
From the shadows of the late 1930s, De Beers, hand in hand with its advertising ally N.W. Ayer (later replaced by J. Walter Thompson in 1996), embarked on a "Diamond Dream" journey to reshape the American psyche. Much like the story of my mom's treasured earrings, they weaved a tale where diamonds became synonymous with undying love and romance. Men were subtly nudged to see these sparkling gems as tangible tokens of their affection, while women were charmed into believing that an engagement was incomplete without a diamond ring. The bigger and finer the diamond, the deeper the love implied.
Venturing into the glitz of Hollywood's "Golden Era", De Beers showcased its brilliance in product placements. Silver screen legends, both on and off the set, dazzled in De Beers' diamond masterpieces. But the jewel in their cinematic crown? The 1953 classic Gentlemen Prefer Blondes, where Marilyn Monroe serenaded the world with "Diamonds are a girl’s best friend", a refrain that has echoed through time since its debut.
And since the 1990s, India has been deeply influenced by American culture, and we have also started believing in it.
Conclusion
Looking back, it's clear how diamonds have moved from being treasured stones in India to symbols of love worldwide, thanks to powerful stories and marketing. But as times change, it makes us wonder: Will diamonds always be seen as the ultimate symbol of love, or will something else take their place in the future?
References:
Bergenstock, D. J., & Maskulka, J. M. (2001). The de beers story: are diamonds forever? Business Horizons, 44(3), 37-44. https://doi.org/10.1016/S0007-6813(01)80033-1
(I would highly recommend reading the above to understand this in detail.)
Virani Jewelers. (2020, September 16). The History of Diamonds In Traditional Indian Jewelry. Virani Jewelers. https://www.viranijewelers.com/blogs/news/the-history-of-diamonds-in-traditional-indian-jewelry
Brilliance. (Year of Publication). History of Diamonds. Brilliance. https://www.brilliance.com/education/diamonds/history
Insightful