The Strange Economics of Engagement Rings

Why do men buy diamond rings for our fiancées? There's the emotional story. We enjoy making grand gestures of commitment to the people we love. Behind that, there's the marketing story. DeBeers' historic ad campaign, crafted by the real-life mad men at N.W. Ayers, convinced generations of lovers that diamond bands were synonymous with eternal devotion. But behind that, there is economic story that is just as important and fascinating.