Summary
The diamond engagement ring concept was popularized by De Beers, which created a global demand through targeted advertising. Cecil Rhodes and Charles Rudd established De Beers, gaining control of diamond supply and influencing global perceptions of diamonds as symbols of eternal love. The advertising slogan "A diamond is forever" significantly increased the custom of giving diamond rings for engagements.
Key Facts
- De Beers was founded in the 19th century by Cecil Rhodes and Charles Rudd, who monopolized diamond mining in South Africa.
- By 1888, De Beers controlled nearly all of South Africa's diamond claims and active mines.
- De Beers managed diamond supplies worldwide, influencing prices by controlling the market flow.
- The company hired an advertising agency in 1946, leading to the creation of the slogan "A diamond is forever" in 1947.
- The advertising campaign associated diamonds with eternal love, significantly boosting sales in the U.S., Europe, and Japan.
- By 1980, about 80% of American brides had diamond engagement rings, up from 10% in 1940.
- The campaign changed gift-giving norms for engagements from other jewelry to primarily diamond rings.
- De Beers suggested spending one to two months’ salary on an engagement ring.
