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In this video:

An expensive meal at a fancy restaurant, a declaration of romance, and a big, fat diamond ring this is a pretty standard formula for an engagement proposal. After all, it has been ingrained in all of us that a diamond ring equals love and the bigger the diamond, the more love there must be. Well, believe it or not, diamonds really aren’t all that rare. In fact, the reason diamonds cost so much is more due to savvy (and sometimes unethical) business practices and incredibly successful advertising campaigns than the actual inherent value of the stone based on supply and demand, something anyone who has actually tried to sell a diamond quickly comes to realize. Here now is the story of how and why we all fell in love with diamonds.

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Sources:
http://www.businessinsider.com/histor...
http://io9.com/5902212/tengemstones...
http://en.wikipedia.org/wiki/De_Beers
http://en.wikipedia.org/wiki/Cecil_Rh...
https://books.google.com/books?id=7x2...
http://en.wikipedia.org/wiki/First_Bo...
https://books.google.com/books?id=HWj...
http://www.theatlantic.com/magazine/a...
http://pages.stern.nyu.edu/~lcabral/t...
http://www.telegraph.co.uk/finance/ne...
https://books.google.com/books?id=efe...
http://historyproject.ucdavis.edu/les...