August 6, 2021
Anyone with a communication studies degree can (and gladly will) tell you about how De Beers has basically been scamming the entire world into paying ridiculously high prices for diamond engagement rings since the 1930s.
First, it was the "three month salary rule" and then, in 1947, it was "diamonds are forever" — two ideas born as advertising concepts that have come to be known as rules of thumb (or ring finger, if you will).
Here's the thing though: Diamonds aren't as rare or expensive as they're marketed to be, and jewelers make a bloody mint when selling these precious gems to the nearly-betrothed. I'm talking wholesale markups of up to 350 per cent.
But the times, they are a changin', and a "radically transparent engagement ring company" based in Toronto is on the front lines of that change.