Engagement rings

beach_walker

A friend of mine got engaged recently, apparently he spent eight grand on the ring! I didn't ask, he told us in the Whatsapp group. It's his money but personally I think that amount is ridiculous.

How much was spent on yours? They used to flog the whole "three months salary" guff (which was a great campaign) but curious to know what the going rate is now-a-days.

jamesbere

What a waste of money.

gimmick

beach_walker wrote: »

A friend of mine got engaged recently, apparently he spent eight grand on the ring! I didn't ask, he told us in the Whatsapp group. It's his money but personally I think that amount is ridiculous.

How much was spent on yours? They used to flog the whole "three months salary" guff (which was a great campaign) but curious to know what the going rate is now-a-days.

€8k is fine if he can afford that. Kind of obnoxious to be telling people though. I didnt spent anything like that.

I hope his wan is properly hot and deserving of such expensive hardware.

Smondie

It wouldn't have been worth messaging about if it costs less!

Who goes round telling everyone how much stuff like that costs?

I give the marriage a year before the divorce:D

How much is the wedding budget?

Shenshen

€0.00

I wouldn't have wanted to marry someone who thinks that's a good way to spend money

josip

Another engaging engagement ring thread

beach_walker

gimmick wrote: »

€8k is fine if he can afford that.

Well given his job, I'd say it's a hell of a lot of cash for him. And telling us how much didn't come across as obnoxious, he's a good lad and there's only a few of us in the group.

I hope his wan is properly hot and deserving of such expensive hardware.

.....

Laura_A

Mine wasn't even half of that and to be honest if he had bought me an 8K ring I would have had to go and buy a cheap fake one to wear most of time.. Would be terrified of losing something worth that much!!

ScumLord

beach_walker wrote: »

A friend of mine got engaged recently, apparently he spent eight grand on the ring!

No, he wasted eight grand on a piece of common carbon worth whatever people will pay for it. Right after he handed over the money it probably lost half it's value.

Engagement rings are the abuse of social engineering at it's finest. A completely worthless.. Well it's not worthless, we use diamonds at work for cleaning grinding wheels, great for that job, but other than being really hard they have no value.

beach_walker

josip wrote: »

Another engaging engagement ring thread

Always a poster, never the thread starter.

Duggy747

€1.00

Pack of Jonnie Onion Rings was good enough.

Absolutely mind boggling the money people spend on such a thing. I agree with Scumlord.
They really are just rocks.

keeponhurling

After the wedding, the bride rarely if ever wears the engagement, right?

Whereas the wedding ring might be on your finger everyday of your life

smash

Diamonds are the biggest scam on the planet.

seamus

keeponhurling wrote: »

After the wedding, the bride rarely if ever wears the engagement, right?

Whereas the wedding ring might be on your finger everyday of your life

No, most people wear the engagement ring with the wedding ring.

At the end of the day who cares what people want to spend their money on? While one can argue that diamond prices are controlled by DeBeers, they still are what they are so an engagement ring can be considered an investment in an asset.

YFlyer

beach_walker wrote: »

Well given his job, I'd say it's a hell of a lot of cash for him. And telling us how much didn't come across as obnoxious, he's a good lad and there's only a few of us in the group.



.....

The attachment doesn't open.

osarusan

I didn't buy one.

Pac1Man

What happens if they break up before the wedding; is he entitled to the ring back?

seamus

Pac1Man wrote: »

What happens if they break up before the wedding; is he entitled to the ring back?

Yes.

Smondie

seamus wrote: »

....an engagement ring can be considered an investment in an asset.

try and resell it and find out if your investment was worth it!

YFlyer

Smondie wrote: »

try and resell it and find out if your investment was worth it!

Depends who is selling it.

Maximus Alexander

I'd be murdered dead if I did that. That's money that could have gone to the house deposit. Or a couple of months in Southeast Asia.

[Deleted User]

[Deleted User] wrote: »

They really are just rocks.

They're MINERALS!!!

Goddamit Marie.

eeguy

OSI wrote: »

"One used engagement ring for sale"

Yeah, you're alright thanks.

Plenty on adverts.

I usually comment asking for the reason for sale.
Great craic.

MeatTwoVeg

eeguy wrote:

I usually comment asking for the reason for sale. Great craic.

Would have thought the reason would be fairly obvious and probably not great craic for the person involved.

woodchuck

Pac1Man wrote: »

What happens if they break up before the wedding; is he entitled to the ring back?

Technically, yes. But if they broke up because he cheated or something, it'd be a bit cheeky for him to ask for it back!!

josip

beach_walker wrote: »

Always a poster, never the thread starter.

...posts the poster who has started 15 threads in 816 posts

Smondie

woodchuck wrote: »

Technically, yes. But if they broke up because he cheated or something, it'd be a bit cheeky for him to ask for it back!!

Not really. The reason for break up has nothing to do with the ring. Same as no fault divorce we have here. He might need it for his new lady, having spent all him money (or got in debt ) to buy it.

ScumLord

seamus wrote: »

At the end of the day who cares what people want to spend their money on? While one can argue that diamond prices are controlled by DeBeers, they still are what they are so an engagement ring can be considered an investment in an asset.

It's a highly inflated market, I don't see how diamonds could be considered an investment. They only demand high prices in shops, on the second hand market you won't get anywhere near the money you spent, the diamond will only lose value. De Beers could flood the market the next day and make diamonds virtually worthless, they wouldn't do that obviously but the point is if the fake restrictions were taken off diamonds tomorrow you're "investment" would be worthless. De Beers stranglehold on the market is also loosening thanks to new discovery techniques that are finding diamonds all over the place, it's going to get harder and harder for De beers to control the market as time goes on making them less and less of an investment.

andekwarhola

About 350 grand. Was a bit strapped at the time though.

Colser

Even amongst friends I don't get why he would mention the price..

smash

seamus wrote: »

While one can argue that diamond prices are controlled by DeBeers, they still are what they are so an engagement ring can be considered an investment in an asset.

If you try and resell a diamond you'll get nowhere near what you paid for it unless you hold on to it for a very long time and hope the industry doesn't collapse. It's a bad investment.

BrokenArrows

how can any woman even walk around wearing that much money on her finger. I mean seriously. Wouldnt they be seriously paranoid?

As previous posters have mentioned it would be different if the ring might maintain its value, but as soon as you buy it you can probably knock off 50% of the value. The obvious reason is that women don't want to own a second hand ring and that diamonds are essentially worthless in the first place.

andekwarhola

BrokenArrows wrote: »

how can any woman even walk around wearing that much money on her finger. I mean seriously. Wouldnt they be seriously paranoid?

You may as well apply that thinking to driving around in a car you paid for.

pq0n1ct4ve8zf5

BrokenArrows wrote: »

how can any woman even walk around wearing that much money on her finger. I mean seriously. Wouldnt they be seriously paranoid?

I have a pair of earrings that cost maybe €150 and I'm terrified every second that I'm wearing them. If someone spent that much on a ring for me I'd be annoyed and confused because they've obviously never met me because if they did they know I lose everything

ScumLord

smash wrote: »

If you try and resell a diamond you'll get nowhere near what you paid for it unless you hold on to it for a very long time and hope the industry doesn't collapse. It's a bad investment.

Would holding onto the diamond ad value? If it was in some important jewelry piece I could maybe see it but on its own I don't see how? They're constantly adding diamonds to the market so in a few years time it will be in a more saturated market. If things keep going that way the market is eventually going to become somewhat saturated no matter what De Beers do. Unless De Beers buy up second hand diamonds and destroy them.

valoren

How about a new tradition?

If a man feels compelled to buy a bit of carbon for what is essentially a symbolic gesture, how about he get's a wrist watch bought for him in return.
My guess is that you wouldn't see many married lads walking around sporting a Rolex if that was the case.

For me, if I was marrying a woman who wanted a ring beyond my budget "It has to be a Tiffany solitaire in the blue box....I want to make my friends jealous", then I would seriously question my judgement in choosing a spouse.
For a woman, alternatively, if a man spends in this case 8k on a ring, then she should question his financial clout as a provider.
"Would it not be better that he put the 8k into an investment fund until the kids go to college??" for example.

I am assuming that the above scenarios relate to those who are not millionaires, who can afford 8k rings at the swipe of a card obviously.

Dravokivich

andekwarhola wrote: »

You may as well apply that thinking to driving around in a car you paid for.

What are you on about?

andekwarhola

Dravokivich wrote: »

What are you on about?

You may as well apply that thinking to driving around in a car you paid for.

davo2001

ScumLord wrote: »

It's a highly inflated market, De Beers could flood the market the next day and make diamonds virtually worthless.

You could say the same about any commodity, gold, oil etc.

smash

ScumLord wrote: »

Would holding onto the diamond ad value? If it was in some important jewelry piece I could maybe see it but on its own I don't see how? They're constantly adding diamonds to the market so in a few years time it will be in a more saturated market. If things keep going that way the market is eventually going to become somewhat saturated no matter what De Beers do. Unless De Beers buy up second hand diamonds and destroy them.

I'm not sure, it would rise in value as long as the market didn't collapse but that's only based on inflation and then of course you're only going to get a wholesale price really. So they're a bad investment.

eeguy

smash wrote: »

I'm not sure, it would rise in value as long as the market didn't collapse but that's only based on inflation and then of course you're only going to get a wholesale price really. So they're a bad investment.

They're a terrible investment.

It's like investing in gold by buying rings in a jewellers.

The materials will hold their value, but the form and design are worthless, plus you're paying a huge mark-up to the retailer.

woodchuck

Smondie wrote: »

Not really. The reason for break up has nothing to do with the ring. Same as no fault divorce we have here. He might need it for his new lady, having spent all him money (or got in debt ) to buy it.

Aside from it being very poor form, I'd wonder about the legality. It's a gift... I don't think anyone has the right to demand a gift back?

ScumLord

davo2001 wrote: »

You could say the same about any commodity, gold, oil etc.

Not really, there is a very limited amount of available gold. Unless we start drilling into the earth's core there's a hard limit on the amount of gold that can be produced each year. Same for oil, we're more than likely in the midst of an oil crisis and it's a limit that's even harder than gold, worst case scenario if we can't find any more gold on earth and we need some, we can find more in our solar system. If we run out of oil it's highly unlikely we'll find any more in this solar system. When it's gone, it's gone.

If we run out of diamonds we can make more.

smash

woodchuck wrote: »

Aside from it being very poor form, I'd wonder about the legality. It's a gift... I don't think anyone has the right to demand a gift back?

Is it a gift? It's a proposal of intent. A deposit if you will. If the deal falls through then shouldn't you get your deposit back?

valoren

Just took a look.

Go back 10 years. Someone wants to spend $8000 on a Tiffany diamond ring which is now worth a fraction of what was paid.

Instead the fiancee says, i don't want a ring but invest it in Tiffany shares instead.

The 8 grand would be worth 16 grand now. Or 19 grand if the dividends were reinvested.

You would now have 311 shares and they would be paying you almost $140 every 3 months. (current dividend is 45 cent)

That's diamond investing.

Not sure how much that 8k ring would be worth today but it wouldn't be paying you money every 3 months that's for sure.

Smondie

woodchuck wrote: »

Aside from it being very poor form, I'd wonder about the legality. It's a gift... I don't think anyone has the right to demand a gift back?

Gifts between an engaged couple
When 2 people who are engaged give gifts (including an engagement ring) to each other, there is a presumption that they are given on the condition that the gifts will be returned (if requested to), should the engagement end. If one of the engaged couple dies, however, it is presumed the gifts the deceased gave were given without any conditions. So, the surviving fiancé(e) can keep the gifts. It is possible to contest either of these presumptions in court if there is evidence to the contrary.

These presumptions only apply to gifts given during the engagement and does not apply to gifts given before or after the engagement.
http://www.citizensinformation.ie/en/birth_family_relationships/getting_married/legal_implications_of_a_broken_engagement.html

smash

valoren wrote: »

Just took a look.

Go back 10 years. Someone wants to spend $8000 on a Tiffany diamond ring which is now worth a fraction of what was paid.

Instead the fiancee says, i don't want a ring but invest it in Tiffany shares instead.

The 8 grand would be worth 16 grand now. Or 19 grand if the dividends were reinvested.

You would now have 311 shares and they would be paying you almost $140 every 3 months. (current dividend is 45 cent).

That's diamond investing.

Not sure how much that 8k ring would be worth today.

Will you marry me?

*gets on one knee holding an envelope with a printed a4 sheet containing share option details.

ScumLord

I actually just remembered an article I read in the likes of Focus that says that artificial diamond production could become so cost effective that we'll start making household items out of it. Once that happens diamonds won't be worth a thing. If you're token of love looks like a broken bit of the kettle it won't hold the same value.

woodchuck

Smondie wrote: »

Gifts between an engaged couple
When 2 people who are engaged give gifts (including an engagement ring) to each other, there is a presumption that they are given on the condition that the gifts will be returned (if requested to), should the engagement end. If one of the engaged couple dies, however, it is presumed the gifts the deceased gave were given without any conditions. So, the surviving fiancé(e) can keep the gifts. It is possible to contest either of these presumptions in court if there is evidence to the contrary.

These presumptions only apply to gifts given during the engagement and does not apply to gifts given before or after the engagement.
http://www.citizensinformation.ie/en/birth_family_relationships/getting_married/legal_implications_of_a_broken_engagement.html

Interesting, thanks! I wonder if things get messy though if infidelity takes place.

Maximus Alexander

woodchuck wrote: »

Aside from it being very poor form, I'd wonder about the legality. It's a gift... I don't think anyone has the right to demand a gift back?

There are specific rules about gifts between engaged couples in the event of a broken engagement.

Edit: D'oh, didn't see it posted above.