The Invented Stone

Beschreibung

Discover how an ad agency in the 1940s invented the engagement ring tradition to save the diamond cartel from collapse.
"The Invented Stone – How a marketing slogan created a billion-dollar tradition" exposes the genius and manipulation behind the diamond industry. Until the late 1930s, diamond engagement rings were not a universal tradition; they were a declining luxury. Prices were dropping as massive new mines were found in South Africa. The De Beers cartel needed a way to control supply and spike demand. Marketing historian Martin Carbon details the campaign by ad agency N.W. Ayer. In 1947, copywriter Frances Gerety coined the slogan "A Diamond is Forever." The goal was psychological: If people believe diamonds are "forever," they will never resell them, thus keeping them off the market and keeping prices high. "The Invented Stone" explains how advertising convinced the world that the size of a rock equals the size of a man's love (specifically, "two months' salary"). It is a masterclass in how to manufacture value and invent a cultural tradition out of thin air.

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Martin Carbon
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De Beers Diamonds Marketing History Frances Gerety Economics Monopoly Engagement Ring

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