You’re right that engagement rings have mostly lost their former economic function as a collateral of commitment. However, despite these legal changes, it’s not correct to say that the ring doesn’t cost the proposer anything. If the engagement is broken, he’ll get it back, but it can’t be resold for anything near the original price, and reuse for a subsequent woman is out of the question (well, he could try, but it would be considered an insulting move leading to a near-certain disaster, and if he tried it surreptitiously, the consequences would be even more catastrophic if discovered). Moreover, even as a part of the couple’s community property, it’s a white elephant asset that will never be sold except in direst desperation, doesn’t yield any rent or interest, and just sucks up money for insurance, so for all practical purposes, the man has parted with a significant amount of money by buying it.
However, despite these legal changes, it’s not correct to say that the ring doesn’t cost the proposer anything.
You’ve changed my mind: there is a real cost to the ring. I considered the ring a thing equal in value to its price but didn’t think it through enough to realize that after it’s bought it only retains much value (as sentimental value to the couple) if the proposal succeeds. Thanks for the links; I had no idea diamonds were so over-priced.
You’re right that engagement rings have mostly lost their former economic function as a collateral of commitment. However, despite these legal changes, it’s not correct to say that the ring doesn’t cost the proposer anything. If the engagement is broken, he’ll get it back, but it can’t be resold for anything near the original price, and reuse for a subsequent woman is out of the question (well, he could try, but it would be considered an insulting move leading to a near-certain disaster, and if he tried it surreptitiously, the consequences would be even more catastrophic if discovered). Moreover, even as a part of the couple’s community property, it’s a white elephant asset that will never be sold except in direst desperation, doesn’t yield any rent or interest, and just sucks up money for insurance, so for all practical purposes, the man has parted with a significant amount of money by buying it.
You’ve changed my mind: there is a real cost to the ring. I considered the ring a thing equal in value to its price but didn’t think it through enough to realize that after it’s bought it only retains much value (as sentimental value to the couple) if the proposal succeeds. Thanks for the links; I had no idea diamonds were so over-priced.