I hate when people call this a scam . That goes for any transaction where something has a perceived false illusion of value . Newsflash The value of EVERYTHING is an illusion . EVERYTHING has a market because of demand , and that demand is driven by all sorts of not real concepts . Society is based on a whole bunch of concepts that we all made up in our own heads and decided to pretend that it means something , so we desire to exchange money for it . Many things cost lots and lots of money because they are pretty to look at or make us feel a certain way . That ' s not a bad thing , mind you . That ' s how society functions . But let ' s not act like the comic book or pair of socks at the grocery store has some sort of intrinsic value set in stone from the crucible of the fires from the origin of the universe , but engagement rings are a scam and aren ' t really worth anything . Diamond rings have been popularized as meaning something in society , and that ' s just as legitimate a value as your PS 4 or paying for a car wash .