Diamonds Suck (2006)

Which in turn isn't even just about the (monetary) cost: the diamond ring is part of a collection of social rituals intended to increase the (social & psychological) cost of exit from marriage.

So people do this to signal (both to their spouse and their friends) they are both financially capable and care enough about their spouse to burn a large amount of money on a pyre. It's also a very useful signal that you are serious about the commitment and unlikely to back off of the marriage. I would prefer to replace it with a certificate that proves you have spent X thousand dollars on said certificate from Moche Silnorin Inc. A less personally-beneficial alternative would be some sort of modern dowery, the recipient of which is Moche Silnorin Inc, who holds on to the money until the culmination of the marriage, after which the dowery is given to the wife and so reunited with its giver once they share finances. If the engagement gets broken off, Moche Silnorin Inc keeps the money. However, this raises the possibility of bondsmen. Which isn't a possibility with diamonds, with their awful resale value. So perhaps just a non-refundable expense in exchange for proof you've given X thousand dollars to Moche Silnorin Inc would be ideal.

Use the difference in price on a down payment on a home/apartment or open a college savings account for your kids. Tell the truth, you want to build a life together and are thinking about the long term financial and personal consequences of this decision. I bought a ruby for my wife for this exact reason. I also wanted to show our community that we rejected diamonds as a tradition. I think the more we discuss this issue the more likely social conventions will change so future couples won't have to have a discussion.

Try something like this: http://www.kokes.net/projectlonghaul/projectlonghaul.htm

Let's extend this sentiment to all gemstones. Reality show enthusiasts have started ripping up high peaks in Colorado for worthless shiny stones like aquamarine.