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The ancient Romans first placed ring on third finger. The "vena amoris," Latin for vein of love, was thought to be vein that led from third finger directly to heart, a theory derived from ancient Egyptians.
It wasn't until 15th century that diamonds first adorned eternal circular band. History records first diamond engagement ring in 15th century when Archduke Maximillian of Hamburg presented ring to Mary of Burgandy. At that time, diamonds were scarce, traveling via spice route from India to Europe, and diamond engagement rings were prohibitive to all but royalty and very wealthy. It would be centuries until diamonds would be discovered in Brazil and Africa. DeBeers would not open its doors until 1888, and there was no Antwerp Diamond Exchange.
It was not until industrial revolution that life took a quantum leap. Advances in transportation brought goods and services that were once province of rich and famous to masses. Diamond mines opened in South Africa, and while diamonds were still precious, they were at least accessible.
It was in 1939 that a concerted effort to popularize diamond engagement began in earnest with an advertising campaign in New York City. The sale of diamond engagement rings had been on decline since 1919, decreasing by as much as 50%, due in part to Great Depression. Harry Oppenheimer of De Beers Consolidated Mines, Ltd, famed South African diamond mine, took action and with help of N.W. Ayer & Son, a New York advertising agency, launched an all-out assault with an ad campaign. It was in 1947 that slogan "A Diamond is Forever," was born and launched most successful advertising campaign of twentieth century, moving diamond engagement ring from a luxury to THE most important element of a proper engagement. And little has changed since then.
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