How the diamond engagement ring was invented – and sold around the world

For decades, men in many countries were expected to spend two or even three months’ salary on a diamond engagement ring. This notion – and the iconic status of this gem – did not come about by accident.

The story goes back to 1870, when an Oxford University dropout named Cecil Rhodes set off to try his luck in the Cape Colony – modern-day South Africa, then a key British domain.

Seeing the burgeoning diamond mining sector there, he began renting water pumps to diamond prospectors to prevent flooding of the mines. Then, over the next 20 years, Rhodes and his partner Charles Rudd proceeded to buy out hundreds, and then thousands, of small mines and “claims” – landholdings believed to contain diamonds – often for a pittance when their owners faced bankruptcy. Most miners were small operator