A look at how price elasticity varies in the market of diamond engagement rings.
Written in 2005; 1,101 words; 3 sources; MLA; $ 38.95
Paper Summary:
This paper attempts to determine how to assess the price elasticity of a diamond engagement ring, as produced by a De Beers luxury diamond retailer, as opposed to a discount engagement diamond retailer.
From the Paper:
"Of course, demand for engagement rings may shift, not because marriages increase or decrease, regardless of the market, but because of fashion. "The third influential factor is time...[for instance] tobacco is inelastic because the change in the quantity demand will have been minor with a change in price, but consumers may cut their abuse of the substance in the face of higher prices." (Investopedia, 2005) Should diamonds ever become too pricey, demand for diamond rings might decline for engagement purposes, as young couples chose to spend their money elsewhere-or if diamonds become too cheap, causing the good to be valued less as a symbol of permanency. However, as the diamond still seems to hold its value and its symbolic importance, in the engagement ring market De Beers luxury diamonds still outsell their competitors to potential husbands, even when the De Beers diamond market dominance is on shakier ground, as it loses some of its monopolistic control over the overall market."
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