“Yeah, they say three years’ salary.” -- Michael Scott, The Office

American males enter adulthood through a peculiar rite of passage - they spend most of their savings on a shiny piece of rock.

They could invest the money in assets that will compound over time and someday provide a nest egg.

Instead, they trade that money for a diamond ring, which isn’t much of an asset at all. As soon as you leave the jeweler with a diamond, it loses over 50% of its value. 

Americans exchange diamond rings as part of the engagement process, because in 1938 De Beers decided that they would like us to. Prior to a stunningly successful marketing campaign 1938, Americans occasionally exchanged engagement rings, but wasn’t a pervasive occurrence. 

Not only is the demand for diamonds a marketing invention, but diamonds aren’t actually that rare. Only by carefully restricting the supply has De Beers kept the price of a diamond high.

Countless American dudes will attest that the societal obligation to furnish a diamond engagement ring is both stressful and expensive. But here’s the thing - this obligation only exists because the company that stands to profit from it willed it into existence.  

So here is a modest proposal: Let’s agree that diamonds are bullshit and reject their role in the marriage process. Let’s admit that as a society we got tricked for about century into coveting sparkling pieces of carbon, but it’s time to end the nonsense.

The Concept of Intrinsic Value

In finance, there is concept called intrinsic value. An asset’s value is essentially driven by the (discounted) value of the future cash that asset will generate. For example, when Hertz buys a car, its value is the profit they get from renting it out and selling the car at the end of its life (the “terminal value”). For Hertz, a car is an investment. When you buy a car, unless you make money from it somehow, its value corresponds to its resale value. Since a car is a depreciating asset, the amount of value that the car loses over its lifetime is a very real expense you pay.

A diamond is a depreciating asset masquerading as an investment. There is a common misconception that jewelry and precious metals are assets that can store value, appreciate, and hedge against inflation. That’s not wholly untrue.

Gold and silver are commodities that can be purchased on financial markets. They can appreciate and hold value in times of inflation. You can even hoard gold under your bed and buy gold coins and bullion (albeit at a ~10% premium to market rates). If you want to hoard gold jewelry however, there is  typically a 100-400% retail markup so that’s probably not a wise investment. 

But with that caveat in mind, the market for gold is fairly liquid and gold is fungible - you can trade one large piece of gold for ten smalls ones like you can a ten dollar bill for a ten one dollar bills. These characteristics make it a feasible potential investment.

Diamonds, however, are not an investment. The market for them is neither liquid nor are they fungible.

The first test of a liquid market is whether you can resell a diamond. In a famous piece published by The Atlantic in 1982, Edward Epstein explains why you can’t sell used diamonds for anything but a pittance:

Retail jewelers, especially the prestigious Fifth Avenue stores, prefer not to buy back diamonds from customers, because the offer they would make would most likely be considered ridiculously low. The “keystone,” or markup, on a diamond and its setting may range from 100 to 200 percent, depending on the policy of the store; if it bought diamonds back from customers, it would have to buy them back at wholesale prices. 

…

Most jewelers would prefer not to make a customer an offer that might be deemed insulting and also might undercut the widely held notion that diamonds go up in value. Moreover, since retailers generally receive their diamonds from wholesalers on consignment, and need not pay for them until they are sold, they would not readily risk their own cash to buy diamonds from customers.

When you buy a diamond, you buy it at retail, which is a 100% to 200% markup. If you want to resell it, you have to pay less than wholesale to incent a diamond buyer to risk their own capital on the purchase. Given the large markup, this will mean a substantial loss on your part. The same article puts some numbers around the dilemma:

Because of the steep markup on diamonds, individuals who buy retail and in effect sell wholesale often suffer enormous losses. For example, Brod estimates that a half-carat diamond ring, which might cost $2,000 at a retail jewelry store, could be sold for only $600 at Empire.

Some diamonds are perhaps investment grade, but you probably don’t own one, even if you spent a lot.

The appraisers at Empire Diamonds examine thousands of diamonds a month but rarely turn up a diamond of extraordinary quality. Almost all the diamonds they find are slightly flawed, off-color, commercial-grade diamonds. The chief appraiser says, “When most of these diamonds were purchased, American women were concerned with the size of the diamond, not its intrinsic quality.” He points out that the setting frequently conceals flaws, and adds, “The sort of flawless, investment-grade diamond one reads about is almost never found in jewelry.”

As with televisions and mattresses, the diamond classification scheme is extremely complicated. Diamonds are not fungible and can’t be easily exchanged with each other. Diamond professionals use the 4 C’s when classifying and pricing diamonds: carats, color, cut, and clarity. Due to the complexity of these 4 dimensions, it’s hard to make apples to apples comparisons between diamonds.

But even when looking at the value of one stone, professionals seem like they’re just making up diamond prices:

In 1977, for example, Jewelers’ Circular Keystone polled a large number of retail dealers and found a difference of over 100 percent in offers for the same quality of investment-grade diamonds.

So let’s be very clear, a diamond is not an investment. You might want one because it looks pretty or its status symbol to have a “massive rock”, but not because it will store value or appreciate in value.

But among all the pretty, shiny things out there - gold and silver, rubies and emeralds - why do Americans covet diamond engagement rings in the first place?

A Diamond is Forever a Measure of your Manhood

“The reason you haven’t felt it is because it doesn’t exist. What you call love was invented by guys like me, to sell nylons.” -- Don Draper, Madmen

We like diamonds because Gerold M. Lauck told us to. Until the mid 20th century, diamond engagement rings were a small and dying industry in America. Nor had the concept really taken hold in Europe. Moreover, with Europe on the verge of war, it didn’t seem like a promising place to invest. 

Not surprisingly, the American market for diamond engagement rings began to shrink during the Great Depression. Sales volume declined and the buyers that remained purchased increasingly smaller stones. But the US market for engagement rings was still 75% of De Beers’ sales. If De Beers was going to grow, it had to reverse the trend.

And so, in 1938, De Beers turned to Madison Avenue for help. They hired Gerold Lauck and the N. W. Ayer advertising agency, who commissioned a study with some astute observations. Men were the key to the market:

Since “young men buy over 90% of all engagement rings” it would be crucial to inculcate in them the idea that diamonds were a gift of love: the larger and finer the diamond, the greater the expression of love. Similarly, young women had to be encouraged to view diamonds as an integral part of any romantic courtship.

However, there was a dilemma. Many smart and prosperous women didn’t want diamond engagement rings. They wanted to be different.

The millions of brides and brides-to-be are subjected to at least two important pressures that work against the diamond engagement ring. Among the more prosperous, there is the sophisticated urge to be different as a means of being smart…. the lower-income groups would like to show more for the money than they can find in the diamond they can afford…

Lauck needed to sell a product that people either did not want or could not afford. His solution would haunt men for generations. He advised that De Beers market diamonds as a status symbol:

"The substantial diamond gift can be made a more widely sought symbol of personal and family success — an expression of socio-economic achievement.”

…

“Promote the diamond as one material object which can reflect, in a very personal way, a man’s … success in life.”

The next time you look at a diamond, consider this. Nearly every American marriage begins with a diamond because a bunch of rich white men in the 1940s convinced everyone that its size determines your self worth. They created this convention - that unless a man purchases (an intrinsically useless) diamond, his life is a failure - while sitting in a room, racking their brains on how to sell diamonds that no one wanted. 

With this insight, they began marketing diamonds as a symbol of status and love:Movie idols, the paragons of romance for the mass audience, would be given diamonds to use as their symbols of indestructible love. In addition, the agency suggested offering stories and society photographs to selected magazines and newspapers which would reinforce the link between diamonds and romance. Stories would stress the size of diamonds that celebrities presented to their loved ones, and photographs would conspicuously show the glittering stone on the hand of a well-known woman. 

Fashion designers would talk on radio programs about the “trend towards diamonds” that Ayer planned to start. The Ayer plan also envisioned using the British royal family to help foster the romantic allure of diamonds. 

Even the royal family was in on the hoax! The campaign paid immediate dividends. Within 3 years, despite the Great Depression, diamond sales in the US increased 55%! Twenty years later, an entire generation believed that an expensive diamond ring was a necessary step in the marriage process. 

The De Beers marketing machine continued to churn out the hits. They circulated marketing materials suggesting, apropos of nothing, that a man should spend one month’s salary on a diamond ring. It worked so well that De Beers arbitrarily decided to increase the suggestion to two months salary. That’s why you think that you need to spend two month’s salary on a ring - because the suppliers of the product said so.

Today, over 80% of women in the US receive diamond rings when they get engaged. The domination is complete.

A History of Market Manipulation

What, you might ask, could top institutionalizing demand for a useless product out of thin air? Monopolizing the supply of diamonds for over a century to make that useless product extremely expensive. You see, diamonds aren’t really even that rare.

Before 1870, diamonds were very rare. They typically ended up in a Maharaja’s crown or a royal necklace. In 1870, enormous deposits of diamonds were discovered in Kimberley, South Africa. As diamonds flooded the market, the financiers of the mines realized they were making their own investments worthless. As they mined more and more diamonds, they became less scarce and their price dropped.

The diamond market may have bottomed out were it not for an enterprising individual by the name of Cecil Rhodes. He began buying up mines in order to control the output and keep the price of diamonds high. By 1888, Rhodes controlled the entire South African diamond supply, and in turn, essentially the entire world supply. One of the companies he acquired was eponymously named after its founders, the De Beers brothers.

Building a diamond monopoly isn’t easy work. It requires a balance of ruthlessly punishing and cooperating with competitors, as well as a very long term view. For example, in 1902, prospectors discovered a massive mine in South Africa that contained as many diamonds as all of De Beers’ mines combined. The owners initially refused to join the De Beers cartel, joining three years later after new owner Ernest Oppenheimer recognized that a competitive market for diamonds would be disastrous for the industry:

Common sense tells us that the only way to increase the value of diamonds is to make them scarce, that is to reduce production.

Here’s how De Beers has controlled the diamond supply chain for most of the last century. De Beers owns most of the diamond mines. For mines that they don’t own, they have historically bought out all the diamonds, intimidating or co-opting any that think of resisting their monopoly. They then transfer all the diamonds over to the Central Selling Organization (CSO), which they own. 

The CSO sorts through the diamonds, puts them in boxes and presents them to the 250 partners that they sell to. The price of the diamonds and quantity of diamonds are non-negotiable - it’s take it or leave it. Refuse your boxes and you’re out of the diamond industry.

For most of the 20th century, this system has controlled 90% of the diamond trade and been solely responsible for the inflated price of diamonds. However, as Oppenheimer took over leadership at De Beers, he keenly assessed the primary operational risk that the company faced:

Our only risk is the sudden discovery of new mines, which human nature will work recklessly to the detriment of us all.

Because diamonds are “valuable”, there will always be the risk of entrepreneurs finding new sources of diamonds. Although controlling the discoverers of new mines often actually meant working with communists. In 1957, the Soviet Union discovered a massive deposit of diamonds in Siberia. Though the diamonds were a bit on the smallish side, De Beers still had to swoop in and buy all of them from the Soviets, lest they risk the supply being unleashed on the world market.

Later, in Australia, a large supply of colored diamonds was discovered. When the mine refused to join the syndicate, De Beers retaliated by unloading massive amounts of colored diamonds that were similar to the Australian ones to drive down their price. Similarly, in the 1970s, some Israeli members of the CSO started stockpiling the diamonds they were allocated rather than reselling them. This made it difficult for De Beers to control the market price and would eventually cause a deflation in diamond prices when the hoarders released their stockpile. Eventually, these offending members were banned from the CSO, essentially shutting them out from the diamond business.

In 2000, De Beers announced that they were relinquishing their monopoly on the diamond business. They even settled a US Antitrust lawsuit related to price fixing industrial diamonds to the tune of $10 million (How generous! What is that, the price of one investment banker’s engagement ring?). 

Today, De Beers hold on the industry supply chain is less strong. And yet, price continue to rise as new deposits haven’t been found recently and demand for diamonds is increasing in India and China. For now, it’s less necessary that the company monopolize the supply chain because its lie that a diamond is a proxy for a man’s worth in life has infected the rest of the world.

Conclusion

“I didn’t get a bathroom door that looks like a wall by being bad at business” -- Jack Donaghy,30 Rock

We covet diamonds in America for a simple reason: the company that stands to profit from diamond sales decided that we should. De Beers’ marketing campaign single handedly made diamond rings the measure of one’s success in America. Despite its complete lack of inherent value, the company manufactured an image of diamonds as a status symbol. And to keep the price of diamonds high, despite the abundance of new diamond finds, De Beers executed the most effective monopoly of the 20th century. Okay, we get it De Beers, you guys are really good at business! 

The purpose of this post was to point out that diamond engagement rings are a lie - they’re an invention of Madison Avenue and De Beers. This post has completely glossed over the sheer amount of human suffering that we’ve caused by believing this lie: conflict diamonds funding wars, supporting apartheid for decades with our money, and pillaging the earth to find shiny carbon. And while we’re on the subject, why is it that women need to be asked and presented with a ring in order to get married? Why can’t they ask and do the presenting?

Diamonds are not actually scarce, make a terrible investment, and are purely valuable as a status symbol.

Diamonds, to put it delicately, are bullshit.

This post was written by Rohin Dhar. He has a very patient wife. Follow him on Twitter here or Google.

SEE ALSO: 13 Surprising Facts You Should Know Before Buying A Ring And Proposing

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Shasta Ventures VC Jason Pressman is a newlywed, married to Jessica Newman (now Jessica Pressman).

How he got her to say yes is really one of the sweetest stories we've heard in a long time.

It all started with an iPhone app called the Tiffany Ring Finder from legendary jeweler Tiffany & Co, Pressman told Business Insider. The app lets you shop for rings and see what they'll look like on your hand.

His girlfriend couldn't decide between two rings. Pressman let her believe the decision to ask for her hand was still up in the air when he booked a trip to a tropical island.

On the first night there, he got down on one knee and presented her with one of the rings she loved. She said yes.

Then on the second night, he proposed again, this time with the second ring. Dumbfounded, she said yes again.

And here's where it gets really sweet. On the third night, she discovered another box hidden among their things. It wasn't another ring, he told her, he'd already given her two, which even he knew was over the top, and she wasn't a big jewelry lover to begin with.

This time, in the box was a little gold charm, the letter "P."

With her maiden name, the two of them had nearly the same initials, hers were JMN and his were JMP. She had made a joke some time ago that if she ever married him, she could almost still keep wearing her favorite piece of jewelry, a charm necklace of her initials, if it weren't for the letter P.  So he solved that, for her, too.

Here's a picture of the happy couple and the first ring, moments after she said yes.

SEE ALSO: The Life Of Startup Founder Ramona Pierson Is The Most Inspiring Story EVER

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The "Today" show has seen its fair share of bad press this year, but the NBC morning program finally has some good news to share — co-host Savannah Guthrie is engaged.

The 41-year-old morning personality is set to marry her political and communications advisor boyfriend of four years, Michael Feldman.

Feldman popped the question over Mother's Day weekend, Guthrie announced on the show Monday while joking that her colleagues really hadn't noticed the new bling on her finger.

"Our families basically have been in-laws for years," she later said. "They've just been waiting for us to catch up."

Guthrie, who was previously married to BBC News presenter Mark Orchard from 2005 to 2009, assured viewers she wouldn't let her wedding be broadcast on the show.

Guthrie's co-host Matt Lauer also tweeted the news:

Big news from Savannah! twitter.com/MLauer/status/…

— Matt Lauer (@MLauer) May 13, 2013

But Al Roker tweeted the best congratulations surprise of them all:

bradleycooper brings @savannahguthrie roses for her engagement. instagram.com/p/ZQGwClwCIK/

— Al Roker (@alroker) May 13, 2013

She had to let other suitors down easy:

"Tell him I'm no longer available." -@savannahguthrie gives @benfogle a message to pass along to Prince Harry

— TODAY(@todayshow) May 13, 2013

Watch the announcement below:

Visit NBCNews.com for breaking news, world news, and news about the economy

SEE ALSO: Matt Lauer ranks 'least-trusted' news anchor in new poll >

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On a sunny afternoon in June five years ago, Tyler Wigg-Stevenson proposed to his girlfriend, Natalie, at the top of a bell tower at Yale Divinity School, in the way that men have been doing for generations: He got down on one knee and presented a brilliant-cut diamond ring.

After she accepted, they descended the steps and drove to her apartment to call friends and family. That's when things got weird: Natalie disappeared into the other room and returned with a small box.

Before Wigg-Stevenson knew it, she'd performed an act that's becoming as common among the engaged as announcing a gift registry: She extracted a lightweight gold band with a Celtic knot pattern and gave it to her intended.

"It definitely caught me off guard," says Wigg-Stevenson, who works for a nonprofit. But at no point did his inner alpha chime in with thoughts such as What the hell is she doing? "I actually liked it," he says. "It makes more sense for both parties to have an engagement ring—it's just not the way we generally do it."

Clearly "the way we generally do it" is changing. Two years ago, Britain's largest jeweler, H. Samuel, introduced the Tioro—a titanium ring embedded with a tiny diamond—billed specifically as a men's engagement band. And recently American jewelers have been following suit.

"We get maybe 20 to 25 inquiries a week from women who want to propose," says John Cordova, an expert at California-based Robbins Brothers, which calls itself the "world's biggest engagement ring store.""We've got literally hundreds of possible engagement bands for guys."

While some of the uptick in sales may be due to gay marriages, it seems that the phenomenon has been gathering steam for some time: The term mangagement ring has surfaced on the Internet—and joined mandal and man-cation on an ever-expanding list of linguistic masculinizations that are not so much signs of a blurring of the boundaries between the sexes as they are ways of getting people to part with their cash.

"Let's be honest," says Chris Easter, who runs an online wedding registry for grooms called TheManRegistry.com. "We're in a rough economy. The groom's engagement band is just a sales tactic invented by jewelers to trick young couples into spending money. I don't think we've reached the point where we'll be seeing a man showing off his shiny new engagement ring to his buddies."

Tell that to 28-year-old Army reservist Luis Delgadillo. In December 2007, when Delgadillo was on leave from Iraq, his girlfriend, Jasmine (also a reservist on leave), took him on a stroll through the palm-dotted campus of Chapman University, in Orange County, California. For some reason, she lingered outside the all-faith chapel. Then he noticed it: a big white pickup truck with a billboard that read, LUIS, WILL YOU MARRY ME? 

"My jaw dropped," he says, as she slid a white- and yellow-gold band on his finger. "I was playing with the idea of proposing to her, but she just kind of took the initiative." The delicious irony of Delgadillo's being rewarded with a stereotypically feminine object for exhibiting the stereotypically male behavior of dragging his feet isn't lost on him. But the ring hasn't earned the kind of scorn you might expect, either. "I've been deployed twice to combat zones—so I don't get too much crap about this from my friends," Delgadillo says.

And then there are the guys who actually plan to slip something on their finger. Dan Utt, 25, who runs an after-school program in Cary, North Carolina, remembers when the feeling hit him. He was at the jewelry store with his girlfriend, Amanda, shopping for her engagement ring, he says, when "I kind of under my breath was like, 'I want one too.'"

His decision to act on that impulse didn't go over too well in Morrisville, where he lives. "Some of the guys and girls I know have given me some grief," he says. "My boss was getting a lot of questions too. I told him that if anyone asks to jokingly tell them that we didn't think it was fair for her to have the only pre-wedding bling."

But if anything can lend this phenomenon more staying power than the ill-fated mandal, it's that women are beginning to protest at being the only ones identified as off the market. And strictly speaking, they have a point. "Otherwise, you're the only one marked," says Natalie Wigg-Stevenson (now happily married to Tyler). "I mean, if I can't be sneaky, neither can he."

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The New York Daily News has published a photo of Derek Jeter and his model girlfriend, Hannah Davis, in which she is wearing a large diamond on her left ring finger.

So is sports' biggest bachelor finally off the market?

Well, a closer look at the ring raises the question of whether it is indeed an engagement ring, or just a fashion statement.

The Daily News published a picture of Jeter and Davis leaving a Manhattan Starbucks. They also zoomed in to show a blurry ring on Davis' ring finger that they describe as "just a bit smaller than a catcher’s mitt."

However, here is Davis at a MOMA event just two weeks ago wearing the same ring. Not only is she wearing the ring backwards as compared to the Daily News picture, but a clearer image of the ring shows that it does not look like a classic engagement and instead looks like a ring with an elaborate wrap design and made up of numerous small diamonds.

Of course, it could still be an engagement ring, but this image is less convincing than what the Daily News would like us to think...

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There are more women breadwinners in U.S. households than ever before, contributing equally to major expenses like mortgages, cars, and retirement savings. 

But have we officially reached the age when women are buying their own engagement rings, too? 

It turns out that a fair number of single women are willing to either chip in for their diamond or, in some cases, buy it flat-out if their partner-to-be can't afford it. 

"If you’re getting married then it doesn’t matter who pays for what. It’s all coming from the same pot in the long run," wrote Facebook user Kelly in response to a recent thread on wedding website The Knot's fan page.

“I put money down on my ring. My fiance and I have been together over 7 years now. We work together for what we want and need. We are a team," wrote another user named Jessica.

Others echoed their sentiment, revealing that even if their spouse bought the ring with his own credit card, they made payments on the the rock out of their joint checking account later. 

We can't say we're totally shocked by these accounts. It may not be the most romantic idea ever, but at a time when the average engagement ring tops $5,400 and weddings cost nearly $30,000, sharing major purchases makes a lot of financial sense.  

The old adage that men should budget three month's salary for the perfect engagement ring is basically a load of bull. Who wants to spend their honeymoon swimming in a pool of debt anyway?

"There are no real rules," said Josh Holland, spokesperson for online jeweler BlueNile.com. "Men should make a budget and try to stick to it." 

Today's couples are operating in a far more progressive society than their parents' and parents' parents. More than 60% of women have a say in what kind of ring they get, according to the Knot, and about one-third help set a ring budget with their partner.

So, what do you think? Weigh in below.

SEE ALSO: 7 ways to save on the perfect engagement ring

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CNBC reporter Courtney Reagan was proposed to by her hedge fund analyst boyfriend during a taping of the "Nightly Business Report." [via TVNewser]

The segment was about luxury jewelry, particularly engagement rings. It was taped on November 1. 

The show's host Tyler Mathisen kept on referring to middle-level jeweler Jared when Reagan's boyfriend Jared Baker walked on the set.

Reagan immediately started crying as he began to propose.  

"It's been a long time. Seven years... I love you so much. I have since the day I met you. I've always known you were the one. I love your smile. I love your laugh. I even love the way you dance. Will you marry me?"

She said, "Yes!"

And then they kissed. 

Best wishes to both of them. 

Baker works for Citadel as a buyside analyst.  He previously worked in Global Investment Research at Goldman Sachs. Before that, he was with JPMorgan Chase and Ernst & Young. 

We've posted a shot of the ring and the video of the proposal below. 

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After dating for nearly five years, Miami Heat star Dwyane Wade put a ring on his girlfriend, actress Gabrielle Union. A big one.

Wade, 31, and Union, 41, both posted pictures of the massive engagement ring Saturday.

"Sooooo this happened... #Yessss," wrote the "Bring It On" actress:

Wade posted the same image with the caption “She said YES!!!” followed by a repost from his jeweler explaining the bling:

Big thanks to you my man...by @jasonofbh "Better look of the ring we had the pleasure of making for@dwyanewade and @gabunion CONGRATS!!! And please send my wedding invitation to my office. Lol#jasonofbh #engagement #diamond #diamondring#diamonds #beverlywilshire #cosmopolitanvegas" via@PhotoRepost_app

The couple have never been shy with sharing their relationship publicly via Instagram:

SEE ALSO: The best entertainment photos of 2013

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Proposing to your loved one can be one of the most exciting moments in your life. But it can also be incredibly stressful, and your head may be spinning thinking of all the ways it could go wrong.

That's where Sarah Pease comes in.

As New York City's premiere proposal planner, Pease and her Brilliant Event Planning team craft personalized proposals that are the stuff of romance movies. They'll take care of every intricate detail, from the timing and the venue to the music that will be playing when you get down on one knee.

Pease was inspired to start her business when she heard a story of a woman who had been proposed to with a ring left at the bottom of a bucket of fried chicken. 

"I heard that story and thought, 'There's got to be a better way to do this,'" she said to Business Insider. 

Since then, she's helped clients pop the question in some pretty amazing ways. She helped one couple take over the ice rink at New York's Bryant Park, while another wandered a deserted San Francisco Flower Conservatory as romantic music played in the background. 

For $500, Pease and her team will meet with you, gather information about your relationship, and come up with a big idea for how the proposal will go. For that plus the full execution of the idea, rates start at $2,000. 

"We've got experience on our side. We've done this many, many times," she said. "We can anticipate and control for things that could happen, so if something does go wrong, there's a plan B." 

Pease gave us some of her most important tips for the big day. 

Plan for every possibility.

Make sure you're ready for any little detail that could go wrong. Things like traffic or work schedules can fluctuate, so it's good to know what to do if that happens. 

"The most important thing is to plan very carefully," she said. "For example, most people have a backup plan for if she's running late, but what if she's running early?"

Keep friends and family on a need-to-know basis. 

Often what really makes a proposal great is the surprise. But sometimes even the most well-meaning people can inadvertently spill the beans.

"They may say something like, 'I'm going to see you tomorrow, right?' or 'I wonder if something is going on tomorrow?'" Pease said. "If they don't need to know, don't tell them. Seriously."

Limit your speech to three main points. 

This is a moment the two of you are going to remember forever, so it's natural to be nervous. Pease recommends sticking to a script of three things you want to say. 

"Anything more and you're going to forget and bumble your words. Keep it simple," Pease said. 

Stick to what makes your relationship unique.

Some proposal elements — candles, flowers, even fireworks — have been used over and over again. Rather than focus on what you think might be considered romantic, make it personal.

Whether she's crazy about red roses, cupcakes, or shoes, whatever you end up doing should have a direct relation to the connection you share. 

"What is she head over heels about? What makes the two of you click?" Pease said. "Go back to the roots, the foundation of your relationship because that's what makes you unique, and that's never going to be corny."

Consider asking for outside help. 

Many of Pease's clients at Brilliant Event Planning are wealthy enough to afford her services, but she realizes that there are a lot of men out there who are shopping for engagement rings at Kay Jewelers, not Harry Winston. That's why she started her new venture, proposal-ideas.com, which offers customizable proposal packages at a more affordable price point. 

"The packages are completely custom-designed for them," Pease said. "If you have a proposal planner in any capacity, you're not going to feel stressed."

An especially popular package will let you rent out a screen in Times Square to display your proposal message. There are also private wine tastings, yacht cruises, and many other options. 

SEE ALSO: 23 Unusual Wedding Photos From Around The World

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Whether you’re against the idea of the engagement ring or you’re hoping yours will look something like Mary-Kate’s, here’s some more news that might change the way you look at the symbolic piece of jewelry.

A recent study shows that although the recession has truly taken a toll on the pre-wedding tradition, men are still dropping their hard-earned cash on engagement rings — just not as much as they used to. 

According to The Daily Mail, nearly 24 percent of men have admitted that they are spending less than two weeks’ salary on engagement rings, not the two months’ salary that tradition once suggested (but who made that rule up anyway?).

The study, which was commissioned by the World of Wedmin, found that only 10 percent of men were still following the age-old rule of spending a good chunk of their paychecks. 

However, a whopping 89 percent of men are still spending their money on one to pop the question. But that’s not stopping the ladies from doing the asking — or buying their own engagement ring. The study found that 14 percent of women said that they were the ones who did the proposing. 

So what are men and women actually spending on engagement rings? According to the most recent report form trade group Jewelers of America, Americans are spending an average of $4,000. That may still seem like a lot, but it’s actually down 25 percent from 2006. Pre-recession, folks were spending $5,317. 

While it seems like a majority of people are still on board with having a gorgeous engagement ring, it’s nice to see that more couples are getting their priorities straight and are spending less on rings in order to save money for other important things in life, like houses and retirement. In fact, a recent survey by ERA Real Estate found that 50 percent of women in committed relationships would be willing to forgo a diamond ring in order to spend the money saved on a down payment for a house. 

So, do all these findings make our generation less romantic or just more realistic? In my opinion, nothing says “I love you and want to spend the rest of my life with you” more than a house. But a modest diamond ring would still be nice, too. 

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We came across a fascinating thread on popular finance message board Wall Street Oasis debating buying a diamond engagement ring.

The truly analytical nature of the participants in the forum approached the investment in a ring the same way they approach hedging a portfolio.

The way they see it, it's a necessity, but it's not necessarily the best use of their money given what happens to rings after they are purchased. They depreciate in value, and they're not very liquid. 

There are more than 150 responses on the thread. We've included some of our favorites below:

CorpFinanceGuy: If you plan on not getting your wife a diamond ring, all I can say is, good luck.

NickW1: I won't. I agree that the rarity of diamonds is misconceived; the big diamond companies control the supply that arrives at market, creating artificial scarcity. The reason why they're so expensive is mainly because these companies stockpile a bunch of diamonds and then sell them in low supply relative to the total amount of diamonds they have stockpiled.

TheBigBambino: I bought a very expensive designer ring (Ex. Graff / De Beers / Harry Winston) and it was perfect. Then 1 months later my fiance lost it. I had it appraised for 30% above cost and had it insured so boom - got all my money back and some. Ended up realizing there is little reason for going designer when doing the second ring and decided to get a custom one made with Jewish jeweler in NYC that was much higher quality (prob 25% more) for the same price due to no brand premium.

If anyone has Q's feel free to PM. I'd be happy to let you know the trade offs of each experience as well as the diamond specs I'd make sure to get. After 4 months negotiating with gemologists I've finally started to understand how the freaking market prices everything.

Best of luck to you boys. Remember - it's girl that's a much more important decision than the ring.

ishouldbstudying: You can't go wrong with a Neil Lane ring fit with a cubic zirconia (I think the Bachelor did a great job of making this designer appeal to every single women). It would only be 3-5k and in 5-10 years, assuming you're not making PE shop money now, you can upgrade to a real diamond.

TNA:...I would buy a ruby ring. I would give $30K in cash. I'd buy a gold bar for the woman. I am simply not going to waste money on something with zero value. Frankly, any woman who couldn't think rationally about it wouldn't be someone I would want to be with. I mean what's next? You'll need a massive home because her friends have one. Or is a BMQ a sign of love now?

Guys should do whatever they want, but don't make it out to be anything other than you giving into an obvious marketing campaign or not having the sack to say no to a woman.

Also kind of funny how simple gold bands were the standard for hundreds of years, but now marriage is so badass, especially with the 50% divorce rate, that it demands a massive rock.

Side note, no one is talking about a $5K ring. I mean if I ever did get married (bad mistake #1) I would happily buy a $5K ring. I would buy a $10k ring. Because who f------g cares. But we are talking about $20-30K rings here. 2-3 carats. Sorry, but I am not wasting a 3 series worth of cash for something with zero asset value.

JrTrader: As much as really expensive art or wine is also ridiculous, the rarity and uniqueness certainly plays a factor. Art/wine appreciates gradually over time too because of that unlike diamonds. When you buy a bottle of vintage wine you know it might be the last bottle of it's type in the world.

Labanker: Diamonds and gems are desirable because they are deemed to be prestigious. Fortunately this is changing. Those on the bleeding edge of elitism in certain areas are starting to eschew diamonds due to their association with conflicts, child exploitation, slave labor, etc. I could see a scenario not too far down the road where diamonds go the way of the fur coat -- once a coveted luxury item, but now unconscionable to actually purchase and wear.

Trade4size: Surprised the 3 month salary rule wasnt brought up more. Assuming ring is 3 months salary and you have 10% savings rate of which is all dedicated to the ring fund. It would take 2.5 years to save up enough. That is just insanity.

All right now, fellas, the reality is that you're probably not going to get away with this. So here are a few pointers for finding the right ring:  

1. Find out more about her style. Presumably, you've been a relationship long enough where you have an inkling as to what kind of rings she wants. 

2. No one said you have to buy her a gigantic Kim Kardashian-size diamond. You can still find a decent-size ring. 

3. You don't necessarily have to purchase a designer ring either. You can go to an independent jeweler. Also, family-heirloom rings work, too, and they're special. 

4. If the budget is a major concern, or you have ethical issues with diamond mining, you can always purchase a lab-made diamond. They have the same composition as real diamonds. Also, sapphires (or other gems) can make nice engagement rings, especially since that's what Kate Middleton got from Prince William. 

Best of luck.

NOW WATCH: How To Choose The Perfect Diamond

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The engagement ring may be one of the biggest expenses of your wedding, and as with buying any big-ticket item, you need to do your homework.

We tapped Jerry Ehrenwald, the president of the International Gemological Institute, for some quick guidelines on what couples need to do when they're buying an engagement ring.

• Learn about the four Cs."Before purchasing a diamond, learn all about the four Cs — the color of the diamond, the clarity of the diamond, the quality of the cut of the diamond, and the carat weight of the diamond."
• Check out reputable stores."Shop at reputable jewelry sources. Make purchases from a jeweler who has been in business for a number of years. If you are not familiar with the jeweler or online site, check their reputation and rating with the Better Business Bureau before you buy."
• Buy a certified diamond."Certified means that a diamond rating report has been issued by an independent, unbiased gemological institute. This way, the consumer has the opportunity to compare one diamond's quality to that of another, with regard to the value and quality of the diamond they're looking at."
• Grading report."Purchase diamond jewelry accompanied by a grading report. The grading report provides an unbiased assessment of a jewel's four Cs. It informs you if a stone is synthetic — in other words, man-made or laboratory grown — or has undergone any treatments, which may dramatically affect the value. Be sure an accredited gemological institute, such as IGI, has graded the diamond jewelry to the one internationally accepted system for diamond grading."
• Understand the store's return policy."Most reputable retailers have at least a 30-day, money-back guarantee, although there may be some cases where the jewelry is not returnable, such as if it has been custom-fabricated to the particular client or engraved with unique initials or things like that, which would not make it readily salable to other people."
• Use a credit card. Pay with a credit card for better protection. The Fair Credit Billing Act protects credit card transactions. If you run into any problems, make sure you deal with it as soon as possible to qualify for the law's consumer protections.
• Remember the receipt. "Keep the receipt for your records, as it's a legal document that protects the consumer should anything happen to the diamond. It's vital when purchasing jewelry insurance or making a return."

These simple guidelines are a good starting point for your ring research, but there are other factors to keep in mind such as ring insurance and whether you want a conflict-free diamond. Do more extensive research before buying to prevent buyer's remorse.

SEE ALSO: How The Suburbs Are Trying To Lure Young People

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Sergio Garcia had a rough go of it yesterday in the final round of the WGC-Bridgestone Invitational. He entered Sunday with a three-stroke lead, only to finish runner-up to Rory McIlroy for the second time in as many tournaments. He also nearly caused a woman to lose her engagement ring. 

On the third hole, Garcia's drive hit a spectator directly on her left ring finger, knocking the diamond out of its setting and into the grass. The commentators were quick to call the aftermath exactly what it was: a diamond in the rough. 

Here's the woman's diamond-less engagement ring:

Sergio gave the woman a signed golf ball:

And then asked a course marshal for her contact information, assuming the diamond was lost for good. Luckily, it turned up not long after Sergio made his way to the green.

Watch the video below (h/t TheBigLead): 

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This is one of the times where the hype is all true: asking her to marry you probably will be the most important moment of your life. For many of the guys I know, it was equal parts incredibly amazing and astronomically stressful. Deep breath: Let me take you by the hand through some of the bigger issues.

FIRST THINGS FIRST: KNOW THE RULES SO YOU CAN BREAK THEM

Thanks to—obviously—the diamond industry and our favorite national mall jewelry stores, we all have a pretty good idea of what’s required from an engagement ring:

It doesn’t count unless it’s a brand-new diamond, and it won’t even register unless it cost two (or three) months’ salary. Beyond the fact that to me, this all sounds as old-fashioned as a dowry of, like, 100 head of Highland cows, let’s crunch some numbers:

• The average age of an engaged man is 29.
• The average college-educated man makes around $50,000 a year.
• If you go with the three-month “rule,” that means the average ring should cost about $12,000.

Call me a grinch but I’m not even sure I want to own something (a) that costs $12,000 and (b) can fall down a sink.

I’ll leave the bottom line to Lindy of PenelliBelle, who makes custom and other engagement rings: “If you are super in love, your lady would be just as happy with a string around her finger, so do not break the bank, guys.”

GET YOUR HEAD AROUND THE ABCS (ACTUALLY, ALL C’S) OF DIAMONDS

You wouldn’t walk onto a used car lot without a thorough Blue Book investigation—equally, you’ll want to bone up on your diamond knowledge before diving into the world of engagement rings.

Diamonds have four chief characteristics that determine their price:

• Carat
• Cut
• Clarity
• Color

Any of these factors can hugely influence your cash outlay. As no less an authority than the Gemalogical Institute of America points out, the price difference between a diamond that’s .99 carats and 1 carat can be substantial while also being nearly impossible to visually discern. Have you torn your hair out yet? No? Good, let’s keep going.

The carats will largely be determined by your budget. Clarity can actually be a question of taste—while diamonds with a higher degree of clarity are typically more sought-after (and so more expensive), some jewelers enjoy working inclusions (interior flaws) or blemishes (external ones), though generally with stones other than diamonds. (For more information on this, I strongly recommend playing around with the GIA’s clarity slider, which shows a range of diamonds with various flaws.)

Cut and color are really issues of taste. In terms of color, diamonds are graded on a scale of D (practically colorless, incredibly rare) to Z. (Some stores, like Blue Nile, won’t stock diamonds below a grade of J.) But some ladies don’t mind a touch of yellow in her stones—who’s to say that “colorless” is intrinsically better, unless you’re just looking for an indicator of cost?

Cut—cut can really make someone insane. Officially, “cut” isn’t precisely the same thing as “style”, but the two are often used interchangeably, so let’s keep going, shall we? Cut actually indicates how well the diamond is (yes) cut to maximize its sparkle. Any style—round, emerald, pear, princess, etc.—can be cut well or poorly. But in terms of the style: If you don’t know her aesthetic, I promise: There are clues out there, somewhere. “Find little ways to see what she likes,” Lindy says. “Definitely ask best friends. Usually guys are snooping on their lady’s favorite lists on Etsy and Pinterest and other social media in order to surprise them.” You also might want to consider involving her in the design process: “We are also seeing many couples work on the ring together,” she says.

CONSIDER THESE NEW ALTERNATIVES

Diamonds are now recovering from some bad publicity, the result of global concerns about a stone’s pedigree. Diamonds are mined in many parts of the world, including countries where their sale has subsidized war and conflict, including Sierra Leone, Congo, and Ivory Coast. Many retailers try to guarantee conflict-free diamonds, though some organizations, like Amnesty International, have expressed concern about how successful these policies are.

It’s possible to skirt this problem entirely. One way is to go vintage. “I have seen a big shift in people’s attitudes towards diamonds over the years,” says Russell Whitmore, owner and curator of Brooklyn’s Erie Basin, which regularly stocks vintage engagement rings.

“I used to hear ‘anything but a diamond’ a lot back when we first opened, either because of ethical or aesthetic reasons,” Whitmore says. “Now I rarely hear anyone asking for anything but a diamond. I also think that diamonds and the idea of a ‘traditional’ engagement ring are really back in style. We have always stocked a lot of non-conventional-looking engagement rings, but there’s very high demand for classic solitaires, like the ones that Tiffany introduced in the 1880s.”

Non-diamond stones are also totally viable—perhaps a birth stone. “Couples are tending to want something unique and special—’Everyone has diamonds’ is what we often hear,” Lindy says. (Does anyone actually think a man is less in love if he goes for yellow quartzover a diamond?)

Working with an independent designer (there are 108,603 search results for “engagement rings” on Etsy) can provide financial benefits for the buyer beyond the sticker price, like a willingness to include customizations at low or no charge. “Customization is usually very difficult in the [chain] stores and if they do it, it is very costly,” Lindy says. “For me, custom work is very fulfilling. I can create anything and ensure the couple gets exactly what they want.”

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Starbucks didn't change its jewelry policy because it's anti-love. It changed the rules because its employees will soon be handling more food than ever.

In the last week, outrage erupted over a new company policy that bans workers from wearing engagement and wedding rings to work. Plain bands are okay under the revamped guidelines that now allow tattoos and black denim. But rings with stones — as well as any watches, bracelets and wristbands — are out.

The coffee giant says there's a logical reason for the change: it's seriously stepping up its focus on food. Indeed, if the coffee chain wants to achieve its goal of doubling its food business in the next five years, it needs to play by the rules.

"It's all about bringing people under compliance on local and state regulations," says a Starbucks spokesperson. "We're handling much more food now in stores."

While the spokesperson was unable to confirm if regulations differed for coffee shops and more food-centric locations such as cafes or restaurants, he did say that his understanding was that the change was affected by state and local guidelines for handling food specifically.

The FDA's Food Code's take on the issue seems to fall in line with Starbucks' new dress code. "Except for a plain ring such as a wedding band, while preparing food, food employees may not wear jewelry including medical information jewelry on their arms and hands," reads the document.

Sorry, baristas — there's a real reason your boss is asking you to leave the ring at home. 

NOW WATCH: Starbucks, Dunkin', Or McDonald's: Whose Coffee Has The Best Buzz For Your Buck?

SEE ALSO: Here Are The Staggering Odds Of Getting A Job At Starbucks

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When I decided to propose to the woman who is now my wife, I gave a lot of thought to how I was going to do it. But I didn't think much about what I was going to do it with. Not only did a diamond ring seem the logical—nay, the inevitable—choice, but I had just the very diamond.

My grandfather had scrounged up enough money to buy a diamond ring for my grandmother in the early 1950s, and the stone had passed to me when he passed away. I reset the diamond in a more modern band, got the ring appraised, and slipped it on my fiancée's finger.

It was a beautiful moment—a gesture of love and commitment spanning generations.

And it was also exactly what De Beers Consolidated Mines, Ltd. wanted. I was a century-old marketing campaign, actualized.

And I'm far from alone; three-quarters of American brides wear a diamond engagement ring, which now costs an average of $4,000.

Every so often, an article comes along that makes you thoroughly rethink a rote practice. Edward Jay Epstein's "Have You Ever Tried to Sell a Diamond?" was one of them.

In his 1982 Atlantic story, the investigative journalist deconstructed what he termed the "diamond invention"—the "creation of the idea that diamonds are rare and valuable, and are essential signs of esteem."

That invention is surprisingly recent: Epstein traces its origins to the discovery of massive diamond mines in South Africa in the late 19th century, which for the first time flooded world markets with diamonds.

The British businessmen operating the South African mines recognized that only by maintaining the fiction that diamonds were scarce and inherently valuable could they protect their investments and buoy diamond prices.

They did so by launching a South Africa–based cartel, De Beers Consolidated Mines, Ltd. (now De Beers), in 1888, and meticulously extending the company's control over all facets of the diamond trade in the ensuing decades.Most remarkably, De Beers manipulated not just supply but demand. In 1938, amid the ravages of the Depression and the rumblings of war, Harry Oppenheimer, the De Beers founder's son, recruited the New York–based ad agency N.W. Ayer to burnish the image of diamonds in the United States, where the practice of giving diamond engagement rings had been unevenly gaining traction for years, but where the diamonds sold were increasingly small and low-quality.

Meanwhile, the price of diamonds was falling around the world. The folks at Ayer set out to persuade young men that diamonds (and only diamonds) were synonymous with romance, and that the measure of a man's love (and even his personal and professional success) was directly proportional to the size and quality of the diamond he purchased. Young women, in turn, had to be convinced that courtship concluded, invariably, in a diamond.

Ayer insinuated these messages into the nooks and crannies of popular culture. It marketed an idea, not a diamond or brand:

Movie idols, the paragons of romance for the mass audience, would be given diamonds to use as their symbols of indestructible love. In addition, the agency suggested offering stories and society photographs to selected magazines and newspapers which would reinforce the link between diamonds and romance. Stories would stress the size of diamonds that celebrities presented to their loved ones, and photographs would conspicuously show the glittering stone on the hand of a well-known woman. Fashion designers would talk on radio programs about the "trend towards diamonds" that Ayer planned to start. ...

In its 1947 strategy plan, the advertising agency ... outlined a subtle program that included arranging for lecturers to visit high schools across the country. "All of these lectures revolve around the diamond engagement ring, and are reaching thousands of girls in their assemblies, classes and informal meetings in our leading educational institutions," the agency explained in a memorandum to De Beers. The agency had organized, in 1946, a weekly service called "Hollywood Personalities," which provided 125 leading newspapers with descriptions of the diamonds worn by movie stars.

In 1947, the agency commissioned a series of portraits of "engaged socialites." The idea was to create prestigious "role models" for the poorer middle-class wage-earners. The advertising agency explained, in its 1948 strategy paper, "We spread the word of diamonds worn by stars of screen and stage, by wives and daughters of political leaders, by any woman who can make the grocer's wife and the mechanic's sweetheart say 'I wish I had what she has.'"

In the late 1940s, just before my grandfather started hunting for his diamond ring, an Ayer copywriter conceived of the slogan that De Beers has used ever since: "A Diamond Is Forever.""Even though diamonds can in fact be shattered, chipped, discolored, or incinerated to ash, the concept of eternity perfectly captured the magical qualities that the advertising agency wanted to attribute to diamonds," Epstein writes. A diamond that's forever promises endless romance and companionship.

But a forever diamond is also one that's not resold. Resold diamonds (and it's maddeningly hard to resell them, as Epstein's article details) cause fluctuations in diamond prices, which undermine public confidence in the intrinsic value of diamonds. Diamonds that are stowed away in safe-deposit boxes, or bequeathed to grandchildren, don't.

Between 1939 and 1979, De Beers's wholesale diamond sales in the United States increased from $23 million to $2.1 billion. Over those four decades, the company's ad budget soared from $200,000 to $10 million a year.

De Beers and its marketers proved extraordinarily adaptable at molding public perceptions. When the U.S. engagement marked seemed tapped out, a new campaign promoted the gift of a second diamond as a way to reaffirm romance later in marriage. When small Soviet diamonds entered the market, people were told that the size of diamonds (as opposed to their quality, color, and cut, or the mere gesture of buying a diamond in the first place) didn't matter much after all. (Some gambits backfired, like the diamond-ring-for-men misadventure of the 1980s.)

And when De Beers sought to expand internationally in the mid-1960s, it didn't flinch at entering markets like Japan's, where a deeply rooted tradition of arranged marriages left little space for premarital romance, let alone diamond engagement rings. De Beers, Epstein writes, aggressively marketed diamond rings in Japan as tokens of "modern Western values." In 1967, when the campaign began, less than 5 percent of betrothed Japanese women had a diamond engagement ring.

By 1981, that figure had risen to 60 percent, and Japan had become the second-largest market, after the United States, for diamond engagement rings. De Beers conjured up "a billion-dollar-a-year diamond market in Japan, where matrimonial custom had survived feudal revolutions, world wars, industrialization, and even the American occupation," Epstein marvels.

De Beers had far more success in Japan than it did in other countries like Brazil, where both women and men typically wear a simple band on their right hand while engaged and switch the ring to their left hand once married.

But the social transformation that took place in Japan in the 1970s may be repeating itself today in China, where, according to a recent Citigroup report (which relies on De Beers data), more than 30 percent of Chinese brides now receive diamond engagement rings. The practice barely existed in the country in the 1990s.

A 2014 report by Bain & Company similarly noted that China, India, and the United States will drive the majority of growth in diamond-jewelry consumption over the next decade, in part because of growing interest in diamond engagement rings in India and China, and stable interest in the U.S.

De Beers is still a major player in the diamond industry, though it's not as dominant as it once was.

The copywriter behind "A Diamond Is Forever" passed away in 1999, and N.W. Ayer ceased operations three years later. But the Diamond Invention lives on.

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NOW WATCH: What I Learned By Taking A Photo Of Myself Each Day For The Last 5 Years

Planning to pop the question?

You'll need a ring before you get down on bended knee, and when it comes to buying jewelry, it's easy to make costly mistakes (especially if you don't know what you're doing).

(See also: This One Wedding Trick Will Save You Thousands)

To ensure that you're getting the best value for your budget, here are 12 engagement ring tricks from leading industry experts.

Former diamond cutter and third-generation jeweler Anubh Shah of Four Mine jewelry, and Andrea Novella, creative director at Gemma Jade Jewelry, divulge their insider secrets to help you get the most brilliance for your buck.

1. Buy diamonds just shy of critical weights.

Carat weight and size are important in the ring-buying process — at least they are to your girlfriend — and jewelers know it. That's precisely why most diamonds are cut in half and whole increments, as pricing is based on those thresholds.

"Instead of shelling out for the full 1.00 carat diamond, try to find something around 0.95 carat," advises Shah. "Manufacturers do everything they can to cut to critical weights because the pricing is tiered on those values. If a diamond is cut to less, the value is lost and therefore price can be significantly less."

Novella agrees, calling this "the best tip of all."

"Diamond prices increase exponentially for each carat," she says. "So if you want one carat, buy a .97. If you want 2, buy 1.95. It's essentially the same thing but much cheaper."

2. Buy diamonds online.

We buy everything else online these days, so it only makes sense that you can find great deals on diamonds at Internet retailers.

"Buy diamonds online, even if you want to browse in store," suggests Anubh. "Prices are significantly less and selection is far larger. You can see upwards of 20% price differences between online and in-store prices. Online jewelers are extremely price competitive and so the markups are actually very low. Jewelers make their margins on the setting, so buying the diamond loose then having it set in a ring locally is also a great idea."

There's another important tip that you don't want to overlook, and it can save you hundreds of dollars.

"Also, buy one from a jeweler that's out of state so you save on taxes," Anubh adds, "which can be an 8%+ difference."

3. Plan your purchase for the summer.

June through August is unofficially known as wedding season, so you probably assume that's the worst time to buy an engagement ring. The exact opposite is true, in fact, because while the actual weddings are taking places during the warmer months, most engagements are established throughout the rest of the year.

"Summers are a good time to buy — summers are slow for most jewelers and wholesalers so they'll be more price flexible to try and push inventory," says Anubh. "Pricing is volatile around Christmas and can either go drastically up or down. Avoid the volatility and buy during the summer days. Plus it's wedding season so people aren't generally buying as many engagement rings at that time."

4. Opt for a non-traditional shape.

Would your lady prefer a round diamond? Unfortunately for you, she's in the majority, which drives the price up due to demand. To save some coin — if it won't leave you single, of course — look into more non-traditional shapes.

"Fancy shapes (shapes other than traditional round) are significantly less expensive and more trendy — why?" asks Anubh. "Because round is the most popular shape so it's most in demand — simple economics. Also, a diamond cutter's job is to preserve the maximum amount of weight. Rounds lose much more carat weight than other shapes, so they carry a premium."

5. Consider alternative stones.

They say that diamonds are a girl's best friend. But isn't it interesting how there's no famous idiom that equates diamonds to a dude's worst enemy? If you're feeling the pinch on the prospect of buying a diamond, perhaps you can consider alternative stones, like precious gems or even a manmade, eco-friendly diamond-esque stone. (Tough sell, I know, but it's worth a shot.)

"Non-conventional brides might want to consider alternative stones to diamonds, or use a diamond setting but another stone for the center stone," Novella suggest. "Asian cultures highly value imperial green jadeite, for example. It's more rare than diamonds but still more affordable."

(P.S. If your bride is non-conventional, consider yourself an even luckier man.)

6. Go for the gold.

Yellow gold went out of fashion for a while over the past couple decades, but its back with a vengeance now that it has an enviable price tag. And Novella wants you to hone in on it for investment's sake.

"Gold provides the best value. Prices have steadily risen over the years so it's a good investment metal, but more affordable than platinum," she explains.

7. Look for 14k instead of 18k gold.

While you're concentrating your efforts on gold, you also should know that there's a better value between one karat weight and another. It may seem like 18k gold is the best buy given the higher number, but that's not the case.

"Generally, you can consider 18k like a brand name; it's purer than 14k, but adds little to no extra raw value," says Anubh. "The longevity of 14k is high, and simple 'servicing' (yes, like with a car) can keep it looking brand new. Just polishing out scratches or rhodium plating restores shine as if it were new. Do this once year — it should only cost about $10 to $20."

8. Steer clear of the brand name rings.

I didn't have to buy an engagement ring because I married a dude (we're simple like that), so I had no idea that there were brand-name rings. Now that you are enlightened, you should stay far away too.

"Avoid brand name rings and branded designs," Anubh warns. "Any ring can be custom made and any design created as close to the original as possible. There are huge savings when custom making a branded design so I definitely recommend that route if you like something branded outside your budget."

9. Look for diamonds in the H/I color and S1 clarity range.

Now we're getting into the nitty-gritty of engagement ring buying with a quick lesson on diamond color and clarity.

H/I Color is an "average color, middle of the road, greatly abundant, and Consistent Color in Nature," according to Jewelry Secrets. In laymen's terms, the color is a little bit off (a bit of yellow in the mix), but hardly noticeable. The SI Clarity range on the other hand includes three levels — SI1, SI2, and SI3 — which equate to flawless to the naked eye, flawed to the naked eye, and "this is probably a diamond, but it's definitely not the best one," respectively.

If you want to spend less, this is where you can make some concessions, says Anubh.

"Diamonds in the H/I color and SI clarity range offer the best value," he explains. "The imperfections are rarely visible to the naked, untrained eye and the color is hardly distracting. Round diamonds mask color much better than fancy shapes."

This is another slippery slope, gentlemen, so proceed with caution.

10. Seek out GIA-certified rings.

Did you know that there's, like, a governing body on diamonds? There are a few, actually. But the Gemological Institute of America is the only one you need to know.

"Only buy GIA-certified diamonds, if you're truly looking for value for money," Anubh advises. "GIA is the most consistent grading lab and has the highest grading standards. Other labs are inconsistent and carry noticeable discounts for a reason. Don't be fooled!"

11. Put away the plastic and pay cash.

Given the high cost of engagement rings, your plan probably is to pay for it with credit. That's not the best idea for two reasons — you can easily rack up interest charges if you let the balance drag on, and you may be missing out on savings. A better bet is to hoard cash until you can afford it outright. You'll sleep better at night knowing that you don't have another huge bill looming over your head, it'll give you enough time to make sure this is definitely the right relationship for you, and you'll keep more money in the bank because of a potential kickback.

"Buy your engagement ring via bank wire or check from a wholesaler," Anubh recommends. "There's almost always a discount because no credit card processing fees are involved."

While we're on the subject of diamond wholesalers, Novella thinks you should seriously consider this route over a local jewelry store.

"Buy the diamond wholesale or through a broker, and then have it set with the jeweler," she says. "You'll save on the markup for the center stone, which is the main part of the cost."

12. Stick to your intended budget.

It's really easy to go over budget when you're blinded by love — but you need to keep it together, man. Set a max amount that you'll spend and make it your goal to find the perfect ring by coming in under that threshold.

"Unless you're blowing out your budget, the odds of getting something significantly better for a small increase in budget are low," Anubh imparts. "It'll make you feel bad in the long run. Stick to a number and stay under. Everyone is happy when they find an extra dollar in their jeans pocket."

SEE ALSO: 7 Things Not To Forget When Buying An Engagement Ring

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A dimly-lit YouTube video of a man proposing to his girlfriend at McDonald's is bouncing around the internet — and it's not because the couple ends up living happily ever after.

The caption of the video, uploaded by user "Joseph Ann" reads:

I met my girlfriend 2 years ago in LA. I've never been good at planning in advance which is why we wound up ending our first date at this exact McDonalds. She joked for months about how 10 years down the road I would probably propose to her in a chicken nugget box so I thought she would love when I surprised her this way. She didn't love it like the way I thought she would. We agreed to wait longer until it's time to get engaged.

She said no!

Just two days after it was uploaded, the video has amassed thousands of views. It was first picked up by the Toronto Sun, who took note of something we're probably all thinking: "[This] cringe-inducing McDonald's proposal is either the worst idea ever or great fodder for a viral hoax."

After all, when you get rejected by your girlfriend at McDonald's, do you really want to put it up on the internet for the world to see? Hmm ...

Either way, here's how it all went down.

The video begins when Joseph Ann's girlfriend gets in the car. He asks her if she's hungry, and she says no. He drives to McDonalds anyway, where he orders a Crispy Chicken deluxe with a Diet Coke. His girlfriend (we never learn her name) grabs the bag and helps herself to a few fries.

Joseph Ann then asks his girlfriend to make sure they didn't include mayonnaise on his sandwich. "I forgot to say no mayonnaise," he explains.

When she opens the sandwich box, she finds a ring. As she turns to him (looking surprised, and a little weirded out) he asks, "Will you marry me?"

Unfortunately, she starts to laugh. "You're not serious," she says in disbelief.

Her reaction was not what he was hoping for. "You can't ... this is not what you do," she exclaims.

Then he takes the ring and puts it on her finger. "Surprise!" he says.

But she's still not convinced. "This is a joke," she says.

After a couple seconds of awkward silence, she says, "You can't ask me to marry you on a chicken sandwich!"

After the two share a very awkward and forced kiss, she continues.

"I know everything is a joke with you, but this is ... I can't marry you," she says as she holds back tears.

He explains everyone knows about the proposal. He even asked her father for permission. Then he shows her the hidden camera.

Check out the full video here or below:

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Pinterest is a magical place, where DIY reupholstering projects always turn out flawlessly and advanced-level baking looks perfectly easy. It's also a place where women have been known to trawl endlessly in search of ideas for their perfect wedding. From the ring to the dress to the flowers, Pinterest provides a seemingly infinite trove of possibilities for any bride-to-be.

Even if the to-be part is way off in the future. Even if the Pinterest user in question isn't engaged ... or in a relationship. And with the addition of private boards that only its owner can access, anything goes and there's no risk of being shamed.

Meet the Pinterest Bride: a woman planning her wedding pre-engagement, even pre-relationship, and feeling somewhat ashamed of it, though they don't really know why.

Business Insider talked to three Pinterest Brides — all separately asked to be referred to by first name only — about their secret Pinterest wedding habits.

The Washington Post reports 38 million boards are dedicated to wedding planning, and out of all of the secret boards on Pinterest, 30% of those are for "dream" weddings. 

Amanda

30-year-old Amanda says she has one secret board, and it's centered around diamonds. "It's called 'Rings & Things,'" she tells Business Insider. Amanda has a boyfriend but tells us she's not "officially engaged" yet. She also doesn't want anyone to see what her wedding ideas are.

"Weddings are really personal since there are so many ways to do things and the particular ways you can highlight your personality and relationship," she told Business Insider. "I'd only want my closest friends to be able to see what my ideas/hopes/styles are before I decide what to actually do and put forth on the day I get married."

Amanda says she and her boyfriend have discussed their future wedding plans at length, and that Pinterest has been able to help keep her thoughts and ideas privately organized.

"There's so much planning involved in a wedding and I think you need to discuss all of this stuff with your potential partner in advance," she explains. "I know people who have gotten engaged and then fought for 9 months about which city their wedding should take place, because they never talked about it before."

Chelsea

And it's not just weddings — Pinterest users (mostly women) are planning the decor for their dream homes, or the sights they'll see on their dream vacations.

"Sometimes it's just enough to pin it," 27-year-old Chelsea said. "And especially if it's public, it says to people 'I have good taste.' It's not like the majority of people who follow you on Pinterest are ever going to actually see what your future apartment or your house end up looking like."

The reality check can be hard for some brides who have invested time and effort into dreaming up the perfect Pinterest wedding only to find out the dream reception is way beyond budget when the time comes to actually start planning. 

Pepper Schwartz, a sociology professor at the University of Washington tells The Washington Post's Julia Carpenter that "... 99 percent of them cannot afford — even 99.5 of them can not afford what they’re looking at. But they think about it.” 

Wedding planner Sara Fields tells The Post's Carpenter that she tells her brides to "stop pinning at a certain point in the wedding planning process."

Chelsea, who was married in early 2015, says she loved using Pinterest to wedding plan ... until she actually got engaged. 

"Planning and paying for a wedding, budgeting everything, making sure stuff is done and checked off the list, making sure everyone's happy, it's like a job," Chelsea said. "Planning my 'dream' wedding was no longer something that de-stressed me."

Kaitlynn

Kaitlynn, 27, has not one, but two secret wedding boards.

"'Wed' is the private Pinterest board that encompasses more of the decorating details ​of [my] wedding whereas 'goin' to the chapel' is the one that mostly houses different dress options," Kaitlynn said.

"My thought was it's much harder to exactly copy a wedding dress than decorations," she says, then echoes Amanda's sentiments by adding that in her "quest to always have an air of originality I wanted to keep a lot of my painstakingly curated ideas and visions under wraps from 'All of The Other Twenty-Somethings.'" 

But mum's not just the word when it comes to weddings.

Kaitlynn's other secret boards are about losing weight and applying to grad school. "They're things I'm sensitive about," she explains. "I don't want people to know I'm applying to grad school because I don't want to explain myself if I don't end up getting in or end up going."

All three women agree that there are probably way more people with secret wedding boards out there who wouldn't dare cop to it. But when asked how friends and family would react if their private Pinterest activity was ever uncovered, they all had a similar answer.

"I think they'd wonder why I thought it was such a big deal that I needed to keep it private," Kaitlynn concluded.

Amanda agreed.

"I actually think it's strange when brides say they haven't thought about their wedding at all until they get engaged."

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Costco Wholesale Corp. willfully infringed Tiffany & Co's trademarks by selling counterfeit diamond engagement rings bearing the luxury retailer's name and must face a jury trial to assess damages, a US judge ruled on Tuesday.

US District Judge Laura Taylor Swain in Manhattan rejected claims by Costco that Tiffany's trademarks were invalid because they sought to prevent others from using the word "Tiffany" as a generic description of a type of ring setting.

Instead, Swain said evidence established that Costco, the largest US warehouse club chain, had infringed Tiffany's trademarks by selling engagement rings and confused consumers by using the word Tiffany in display-case signs.

"Despite Costco's arguments to the contrary, the court finds that, based on the record evidence, no rational finder of fact could conclude that Costco acted in good faith in adopting the Tiffany mark," Swain wrote.

Under the ruling, Tiffany may now take Costco before a jury to seek damages, including a recovery of Costco's profits from the sale of the diamond rings and punitive damages.

Swain set a hearing for October 30 and directed Tiffany and Costco to "make good faith efforts to settle the outstanding issues."

In a statement, Tiffany general counsel Leigh Harlan welcomed the ruling, saying it "further validates the strength and value of the Tiffany mark and reinforces our continuing efforts to protect the brand."

Representatives for Costco did not respond to requests for comment.

Tiffany filed the lawsuit on Valentine's Day in February 2013, saying it believed hundreds, if not thousands, of Costco members bought engagement rings they wrongly believed were authentic Tiffany products.

Tiffany said that in 2012, a person shopping at a Costco in Huntington Beach, California, complained to Tiffany that she was disappointed to see Costco offering for sale what were promoted on in-store signs as Tiffany diamond engagement rings.

Tiffany said a subsequent investigation revealed rings in a display case at the Huntington Beach Costco labeled with the word "Tiffany" and that a sales representative there referred to them as such.

Prior to the lawsuit, Tiffany contacted Costco and secured a commitment that it would remove references to Tiffany from its display case signs, according to Tuesday's ruling.

Costco also previously sent a letter to customers who bought the rings offering a full refund if they were unsatisfied, the ruling said.

The case is Tiffany & Company and Tiffany (NJ) LLC v. Costco Wholesale Corp, U.S. District Court, Southern District of New York, 13-1041.

(Reporting by Nate Raymond in New York; Editing by Phil Berlowitz)

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