Diamonds are forever...a rip off.

The only reason Diamonds are of any value are because they are monopolized by the company De Beers. Most of the worlds diamonds are sitting in a huge vault owned by this company. Since, they own most of the diamonds and diamond mines they are allowed to set the prices for their diamonds. De Beers successful marketing strategies such as coining the slogan "Diamonds are forever" have allowed them to set and fix the diamond prices wayyy above what they should be worth. Diamonds are really not rare, they are just all owned by few who charge ridiculous prices for them.

Diamonds have been similar to drug cartel. Smuggling of the diamonds involves gangs violence and conflicts all for the pretty (worthless) rock. 

If you're savvy enough not to get a diamond engagement ring, lab created diamonds are actually more brilliant than traditional diamonds! The flawless rocks are called Moissanite and they have begun to flood the market. To the naked eye they look exactly the same, even to the trained diamond experts. They're not fake. They're real diamonds. Scientists replicate the same environmental force and processes natural diamonds are created by.

A 1 carat is under 1000 dollars. Who can afford to by a more flawed "natural" monopolized diamond these days with the tanking economy? Not me, i'll be asking for a more sparkling, cheaper diamond and save that money for a wonderful honey moon in Italy. :-)