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I am all for reducing costs for simchas but this will be a real tough one to overcome. Girls dream about this from when they are young. There are more practical ways to cut costs that would add up to a much bigger savings than a diamond. For example
1. shave down the vort to a simple lcahim in the chason or kallahs house. No catered event
2. Limit number of guests for aufruf and shabbos sheva brachos. No need need for whole extended family, friends etc. Both of these have gotten out of hand
3. Cut out the ridiculous idea of kallah telling everybody what color they need to wear. No one beyond immediate family needs a gown
4. push the idea of simchas choson vekallah for everyone outside of family.
Just some ideas. Open to hear more