The diamond engagement ring, long seen as a timeless emblem of love, owes its prominence not only to its natural beauty but also to a century of strategic monopolies and marketing.

The modern diamond industry began in the late 19th century when Cecil Rhodes, an Oxford University dropout, recognized the potential of diamond mining in the Cape Colony, present-day South Africa. Partnering with Charles Rudd, Rhodes consolidated several small mines into one powerful entity. By 1888, they established De Beers Consolidated Mines, which by 1900 controlled over 90 percent of the world’s diamond supply. This dominance was maintained through the Central Selling Organization, which regulated the release of diamonds, creating artificial scarcity and driving up prices.

The transformation of diamonds into a symbol of eternal love came decades later. In 1947, De Beers launched the campaign “A diamond is forever,” created by the advertising agency N.W. Ayer. The campaign promoted the idea that an engagement ring should cost a month’s salary, redefining diamonds as essential to romantic commitment. Its influence has spanned more than six decades, shaping global perceptions of love and marriage.

Despite their allure, diamonds carry a complex ethical legacy. The industry has been criticized for exploitative labor practices, particularly in African mines, and the environmental consequences of diamond extraction. These concerns have sparked discussions about sustainability and the need for ethically sourced stones.

The journey of the diamond engagement ring highlights the intersection of commerce, culture, and marketing. From the depths of South African mines to the display cases of jewelry stores worldwide, the ring remains a cherished tradition while also reflecting the complicated history behind its global status.