@RebYidd23
Buying a Diamond Ring may or may not be a bad financial decision. It depends on the individual, purchase, amount paid, whether bought for investment or jewelry purposes, etc.
In general, the ring one buys for a spouse is not an investment. It is an adornment, not something one expects to sell later at a profit.
That said, my father and grandfather often bought jewelry at distressed prices from customers and clients because they were good investments. Sometimes the pieces went directly into the vault, sometimes spouses were allowed to wear them but with the understanding the pieces were investments and would be sold at a later date.
I can’t hazard a guess how many times over 40 years as a family law attorney a divorcing wife has offered her diamond ring as payment towards her legal fees. I don’t accept them, because a judge could later rule they were marital assets. However, I have been offered some lovely pieces at good prices from estates we have handled. Sometimes, an executor will shop a ring around to 4 or 5 local jewelers and tell me the best price he was offered was $XXXX. I have my estate jeweler look at the piece(s) and tell me if I can make a profit offering 10% more than the best offer. If so, I can have the executor submit the quotes from the jewelers and my 10% overbid to the Probate Judge for approval.
I currently have about 30 good sized stones in the law firm’s vault. With current interest rates so low, these have been good financial investments.