Diamond rings are said to be a girl’s best friend. They are considered one of the most desired pieces of jewelry but why is a diamond ring so precious? Is it because of its high price? Is it because of very few own ones?
The answer to why a diamond ring is considered precious goes beyond the price tag. Certainly, scarcity plays an important fact and that is where it starts. Whenever something is scarce, its perceived value increases. In the case of diamond stones, demand and supply do not play such an important role. Demand exists but it does not exceed the supply as their scarcity causes them to be expensive thus demand is in line with the supply. For many, the price of a diamond stone is prohibitive, making them unaffordable. Also, the price of a diamond grows exponentially with its size since large gems are very rare. Some of their sizes are lost when the stone is polished.
Another aspect that answers why a diamond ring is so precious is that it requires a lot of manual labor to create. The gem itself needs to be cut and polished. A portion of it is lost in that process. At the same time, a diamond ring is also made using expensive metals. The band or the shank is made using gold, silver, platinum, and other rare metals. The gallery and shoulder on the top of the band are again made to a specific shape to hold a specific diamond gemstone. All these are shaped manually, polished, and assembled. They are also very small, making them even more difficult to work on. Jewelers can spend days at a time creating a diamond ring.
A diamond ring can become even more expensive if it is a custom design. It is cheaper to get one from a store that is already made. It is more expensive when you order a custom one that takes a week or more to make. Certainly, it will be unique making it even more precious and valuable.
Lastly, and a very important reason why a diamond ring is so precious is that it is usually offered as a gift or for a special occasion. For the person receiving such an expensive gift, its value is difficult to quantify. There is an emotional attachment to the moment of receiving it which makes a diamond ring even more precious.
In the end, a diamond ring is considered precious because it is made using very scarce materials. At the same time, there is a sentimental value attached to a diamond ring. For most people, a diamond ring is worth much more than its cost or the sum of its parts. It is something that lasts forever, that can be transmitted over generations and that can be the symbol of a special moment in someone’s life. This status that diamond rings have makes them an ideal gift to show someone how special they are and to create special memories that will never be forgotten. It is how we gift such a ring that makes it so special and
