We have all been there when recently engaged young women show off their new “rocks” to friends or work colleagues. “How big is the diamond?” has been the most important question that people want to know (or are too respectful to ask) at those times. Yet a recent article in MarketWatch.com, “J-Lo’s engagement ring is reportedly worth $1 million — is it time to ditch the diamond?” implies that young people today are losing interest in how big a diamond is in an engagement ring, or what it is worth.
Why the loss of interest? Quentin Fottrell, who wrote the article, believes it is due in part to the higher levels of college debt that more people are carrying at about the same time they decide to marry. He points out that because marriages today have a relatively high chance of failure, young couples are less apt to invest in a sizeable asset that could become part of the financial tug-of-war that happens when divorcing couples try to divide up their assets. He also points out that despite the fact that a diamond has become a traditional part of getting engaged, young people today are opting to invest money in something more practical, like a house.
But What About Jennifer Lopez and Alex Rodriguez?
Their ring, and its diamond are not exactly small stuff. It weighs 15 carats and is probably worth about $1.4 million. What is the rest of the ring made of? Fottrell doesn’t even say.
But if diamonds fade in `, what will people concentrate on when they buy engagement rings? The only possible answer is that the precious metal that the ring itself is made of – gold or platinum – will grow in importance. And that can mean that the value of those metals will remain strong in the years ahead. After all, according to statistics on EngagementRingQuestions.com, 75% of first-time brides today still receive engagement rings . . . and every year, 2.4 million weddings are performed in the U.S.
It’s a Good Time to Recycle Gold and Platinum
Do you have gold or platinum scrap that you would like to recycle? Do you have an old engagement ring tucked away, or can you buy some on eBay or in pawnshops or antique stores? Why not turn them into cash today? Call Specialty Metals Smelters and Refiners at 800-426-2344 to learn how easy it is to send your scrap to us for testing and recycling.
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