How about rings that convey some actual benefit to their bearer, like perhaps the ability to procure books and other supplies related to a child's education at no cost? Why make it a fashion statement, when you could make it something useful?
I thought part of the point is that it is conspicuous and expensive and, yeah, kinda wasteful. What better way to prove you have lots of money than by buying something expensive that depreciates dramatically in value once you buy it?
It would look awkward tied to your finger, no? Diamonds are pretty and sparkly -- they are just radically too expensive at retail by any objective measure.
Really, I don't think diamonds would be much of a problem at all if it were possible to sell them for anywhere close to what they cost.
I'm not quite following you. A diamond ring communicates to your peers and acquaintances that you have money. A bank statement only does that if you go around showing it to people.
A big diamond ring communicates to your intelligent peers that you're stupid, shallow, insecure, and require peer approval to feel good about yourself. It says you wasted money on a worthless rock so your shallow friends will envy you; it's sad.
