Diamond Wedding Ring Research Paper

Good Essays
The tradition of beginning an engagement with a diamond ring is largely an American custom that has resulted in the United States becoming one of the largest shareholders of the global diamond jewelry market (Global Diamond Jewelry). The custom dates back to first half of the 1900s when diamonds were introduced as a symbol of undying love due to their lasting value. Although diamond wedding rings serve as an investment and symbol of eternal love, some luxury rings, such as Tiffany and Company, have developed a deeper socioeconomic and cultural significance. In American culture, a Tiffany & Co. engagement ring symbolizes more than unconditional love; it has become an outward symbol of marital status and success. Diamond engagement …show more content…
In his research, Charles Murray, a Professor at the Harvard business school, demonstrated an economic phenomenon which linked income inequality with the radical shift in the American family structure between the lower and middle classes (Kennon). Although it has become a controversial subject, Murray says, “the wedding ring, along with a college degree, has become the primary social and economic class status indicator. Namely, the upper classes are more likely than ever to get married, stay married, and invest an enormous amount of resources including time, energy, and money, into their children” (Keenon). In other words, a wedding ring actually is an indicator of social and economic class. Therefore, Murray’s research heavily supports Thomas Hine’s theory of packaging because it is an outward symbol that a person may be inclined to use to show their personal …show more content…
Russell Shor, a senior industry analyst at the Gemological Institute of America says; “A diamond is a diamond. If you have a stone from a top jeweler with the same grade as the discount place, they’re basically the same thing” (Suddath). However, people continue to purchase expensive diamond Tiffany & Co. engagement rings due to the status of the brand. Consequently, it has become of such importance to own a Tiffany & Co. ring that discount warehouses have begun selling counterfeit rings to compete with the demand. In 2013, Tiffany & Co. was forced to file a multimillion-dollar trademark lawsuit against Costco in order to determine if “Tiffany” has become a term used for all rings that resemble Tiffany & Co.’s signature setting (Suddath). Tiffany & Co. won the suit against Costco Wholesale Corporation in September of 2015 because it was determined that Costco was attempting to gain profit from customers who believed they were obtaining real Tiffany rings at a price that almost anyone could afford (Tiffany & Co.). Despite the supply of counterfeit rings, research conducted by weddingbee.com found that people are still willing to pay a premium on designer rings because they serve as a symbol of

Related Documents

  • Decent Essays

    Cecil Rhodes was a scammer. Advertisements by Cecil Rhodes have been known to be scams; this theory stimulated from several observers. This viewer watched the De Beers diamond ads continuously by the founder Cecil Rhodes and the (CSO) persuading and scamming men to make purchases to express their love. The De Beers diamonds created a visual image for advertising as an appeal for a metaphor of how a diamond gives value as a lifetime commitment to a potential or future wife by paying over value market price for an engagement ring. During this time the De Beers diamond cartel had smuggled millions of illegal diamonds into the market.…

    • 782 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    The brand’s overall value went down 8 percent to $3.2 billion. Indirect competitors strength and weakness Strength:They all are fashion leaders in watch,Apparel and Accessories markets their brand image strongly established as a premium luxury brand and excellent advertising and branding by associating itself with celebrity brand ambassadors Weakness: Counterfeit and fake imitations affect the brand image and investments in research and development are very high ,thus future profitability is a major concern. 9. Tiffany & Co. - The luxury jewelry maker did not even rank on Millward Brown’s list last year, but its brand value increased 6 percent to $2.38 billion. Tiffany & Co. plans to expand in both Asia and Western…

    • 842 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    The scarcity of diamonds that we have been told about was a fraudulent business plan. If every diamond that has ever been found had been sold on the open market, they would be less expensive than emeralds, rubies,and sapphires. Financial greed is evident in the De Beers Group as it trumps any ethical problem that stands in the way of their profits. The De Beers Group 's financial plan is simply written as this, “ Over the course of the twentieth century, De Beers pursued a plan that was as simple as it was ruthless: Buy as much of the world production [of diamonds] as possible and tightly control global distribution through its London offices” (Campbell 108). The De Beers Group had a meticulous plan to control diamond distribution not only nationally but also globally.…

    • 1602 Words
    • 7 Pages
    Decent Essays
  • Decent Essays

    Madd who has paid their full balance owing at the start of the month. Debtors such as S. Madd who pay their debts off in time can be assured that they will help Chloe’s Chocolates expand the business. Chloe can therefore trust this debtor and S. Madd can be expected to have a higher credit limit than other credit customers. However on the other hand some debtors are not as trustworthy for example G. Best, who had a remarkably high amount to owe which was $18,700. Since Chloe does not have any credit limits, G. Best has therefore purchased more chocolates which has totalled to $21,276.…

    • 1001 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    Capabilities are formed when resources are integrated to achieve specific goals. Pharmaceutical companies merge with the intent to create economies of scale that fund research and development budgets. The matrimony between Glaxo Wellcome and SmithKline manifested due to the industry indicating its great need for critical mass in R&D and global marketing presence in order to gain competitive advantage for any one company. Patents can effectively protect proprietary technology the pharmaceutical industry. As such, GlaxoSmithKline when formed was more assured of an income stream by patent protection as a singular drug didn’t account for greater than 12% of revenue and leading up to the merger only 7% of Glaxo Wellcome’s revenue came from drugs that had US patents expiring earlier than 2006 in contrast to SB’s 33%.…

    • 1125 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    Their rivalry with Microsoft for the share in the software business with Microsoft’s multibillion successful windows system has been more popular over Apples mac. 2: Apple and other companies are constantly suing each other over patents and breaching of such patents. Recently Samsung and apple called a truce with each other outside the U.S but are continuing the lawsuits they are going through in the U.S. These lawsuits that have been going on for years have given bad publicity to whoever will listen as the companies sue each other over alleged copying of each other’s hardware in their smart phones. This has led to potential consumers choosing other brands on the…

    • 717 Words
    • 3 Pages
    Decent Essays
  • Decent Essays

    Gold Jewellery Case Study

    • 40030 Words
    • 161 Pages

    Gold margins are standardized because of adornment+ investment factor. However, quest for greater margins is driving diversification from gold jewellery products. Demand for gold jewellery remains very strong because of cultural traditions, Gold jewellery sales - for weddings, in particular - will continue to generate volume growth for jewellery retailers. Platinum and diamond jewellery sales will generate margin growth. The shift to more profitable diamond jewellery has been smooth because India is the world's dominant processor of rough diamonds, with a monopoly position in the processing of small size and small value…

    • 40030 Words
    • 161 Pages
    Decent Essays
  • Decent Essays

    Quantum Fund Case Study

    • 1487 Words
    • 6 Pages

    A trader working for Soros realized the importance of the Bundesbank statement and told him their bet against the pound was likely to pay off. Soros told the trader they should “go for the jugular” and dramatically increase the size of the position. They went from a $1.5 billion to a $10 billion position and other hedge funds jumped in on the action as well. In order to get profit the Quantum Fund used the short-selling technique: buy dollars or imminent revaluated Mark, short selling devalued pound. According to the U.S. Securities and Exchange Commission (2015), short selling can be defined as “…the sale of a stock that an investor does not own (…).…

    • 1487 Words
    • 6 Pages
    Decent Essays
  • Decent Essays

    I am the Graff Diamonds Hallucination watch. My design is made up of 110 carats of colored diamonds set into a bracelet of platinum. I was purchased by a person firstly because of my overwhelmingly expensive price of $55 million. My owner bought me also because I am the most expensive watch in the world. I am always getting bragged about in front of others who are not as fortunate as my owner.…

    • 846 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Diamond Diamonds Essay

    • 1331 Words
    • 6 Pages

    First off they are light, valuable, easy to smuggle, and with numerous ways to hide them to clear borders. Diamonds are also one of the most sought out products, and in countries like America, seem like a crucial part of our lives. It is much easier to control and restrain a diamond mine with many laborers under a leaders belt following his every step, much like how the cotton gin needed slaves to build and become an industry. Furthermore, diamond laborers would have a hard time stealing these diamonds because the leader of their rebellion area will check each worker thoroughly in case they will try to hide it anywhere in their body. If the diamond is found they will immediately be killed, proving the title of blood diamonds perfect again.…

    • 1331 Words
    • 6 Pages
    Decent Essays