The gold in a typical engagement ring is worth something like $50-100. Not sure what you spent, but the same people peddling mined diamonds are also massively up-charging on the band.
I have no problem paying for craftsmanship, artistry, and service. The piece should be worth significantly more than it's raw materials. My problem is when the price of the raw material is being artificially controlled. While I'm sure there are shenanigans going on with all valuable materials, I can't think of any that are as blatantly a scam as diamonds.
