Ladies, Your Engagement Ring Is A Bad Investment

The good news: my boyfriend has engagement rings on the brain. The bad news: he’s been reading the Freakonomics Blog on the New York Times website. Why is this bad? The Freakonomics economists solve puzzling economic capers of day-to-day life, most recently tackling what a “bad investment” it is for a man to give his girlfriend a diamond ring:

In response to this penny-pincher’s question, economist Tim Harford replied, “I tend to agree with you.”

Uh oh.

Believe me, I’m aware of the reasons not to give a woman an engagement ring—“blood diamonds,” the historical context of dowries and paternalism, and now, apparently, economic logic. Certainly, the ring racket is a bad investment in a lot of ways.

But I am a romantic. I’d like to look down and see something on my finger, signifying to me and everyone else that my BF and I are in love. It’s symbolic and special to me in a way “a down payment on a first house” would never be, considering that everyone, including us, co-habits before marriage these days. Actually, buying us a house would seem more paternalistic to me, as if it’s my boyfriend’s job to keep a roof over my head. I can do that myself, thanks! What I can’t do is buy a lovely ring, get down on one knee, and promise a life of joy and happiness together.