'Buy Something Cheaper': Why diamond engagement rings are a waste of money

A diamond expert weighs in.

By Olga Scorer
Weddings are the one major life event that most people dream of. The festivities, the music, the dresses and tuxes… And, of course, a sparkly engagement ring. But is the ring really worth the price?
While some couples may fork out the big bucks for a show-stopping piece (we're looking at you, Megan Fox and MGK), Diamond expert and CEO of Australian Pink Diamond Investments, Craig Leonard, encourages couples to dump the expensive diamond ring and buy something cheaper.
Diamond expert says diamond engagement rings are a waste of money. (Image: Getty)
"Most diamond engagement rings are a load of rubbish set with poor quality inferior diamonds that generally depreciate in value as soon as you walk out of the jewellery store," Leonard said.
While undeniably beautiful, according to Leonard, diamond engagement rings often contain cheap diamonds of little value, are overpriced, and will continue to drop in value over time.
'But why?' you ask.
"Poor quality diamonds are set into rings because you can't do anything else with the diamonds."
Nicola Peltz' stunning $2 million engagement ring. (Image: Getty)
So, save your money on the ring and put your hard-earned dollars into something more valuable; whether it be the reception, the honeymoon, OR an investment piece.
If you're on the hunt for an item that will appreciate in value over time, our diamond expert recommends none other than pink diamonds.
Mariah Carey's 35-carat ring, $10 million ring holds the top spot as most expensive celebrity engagement ring, however, Craig recommends purchasing one as an investment piece.
Mariah Carey reportedly sold her $10 million pink diamond ring. (Image: Getty)
Making up ninety percent of the world's supply of pink diamonds, Australian Argyle diamonds are highly touted for their rare colour and clarity.
So, while they are best kept in a safe spot, and not on your hand, the investment is said to be beneficial in the long term.
"Due to their beauty and rarity, diamond experts all agree that Argyle branded pink diamond prices will increase continually, so you can be assured to reap the benefits of your investment in the future."
Pink diamonds are worth the investment. (Image: Getty)
As the operator and CEO of Australian Pink Diamond Investments, Leonard and his staff facilitate the investment journey for his clients in their Newcastle location.