The Psychological Reason Why People Buy Diamonds

Some want to satisfy their innate need. That explains why anyone who buys diamond rings as “just because” gifts is driven by it.

You know the drill. The purchase happens just because people love their girlfriend or spouse, of course. In fact, this mindset is one of the psychological reasons why people buy diamonds. A retailer’s task, then, is to understand what motivates people to buy the big carat stones and market their products accordingly.

One of the main ways diamond engagement rings have been marketed is using the catchphrase that works on people’s emotional defense. It goes like this: “Diamonds are a girl’s best friend”. Obviously, women love diamond jewelry more than men do.

Besides, customers also attach their emotions to luxury products. That explains why the Law of Demand does not apply to diamonds, and its rareness and price play the role. When their price falls, the tag of being “luxury” items takes a hit. This is in contrast to the law, which states when the price of a product falls, the demand increases. Obviously, this is linked to people’s desire to own something extremely valuable.