The scenario is played out thousands of times a day throughout the world; young men present diamond engagement rings to the ladies they desire to marry. This tradition, which dates back centuries in one form or another, has many variations. Nonetheless, diamond engagement rings continue to be a symbol of betrothal in much of the Western world.

Where It Started

Diamonds themselves have been available to ordinary people only for the past 150 years or so, although the idea of diamond engagement rings - without the diamonds - goes back much further - almost 800 years, in fact.

It was in 1215 that Pope Innocent III, presiding over the Fourth Lateran Council, decreed that there should be a longer waiting period between betrothal and marriage. These rings consisted of plain bands worn by both the man and the woman, and depending on socio-economic class of the couple, were made of gold, silver, bronze or iron. Although precious gems would have been unavailable to peasants in any case, laws were in place to make sure only those of "high rank" were allowed to wear such treasures.

Diamond Engagement Rings?

Although not used for betrothal, diamonds were mounted in rings as far back as Roman times. The earliest example of diamond engagement rings (which were actually wedding rings) date from 1477, the year in which Archduke Maximilian I of the House of Hapsburg married Marie of Burgundy. However, the practice of a man presenting his intended with a diamond engagement ring was only became common as the result of a major sales campaign by a huge, transnational corporation.

De Beers

Today, the DeBeers company controls about half of the worldwide diamond market. It was founded in 1888 by Cecil Rhodes, British-South African business magnate for whom the nation of Rhodesia (now Zambia and Zimbabwe) was named. It was the middle of the 20th century when a creative ad executive created the most memorable catch-phrase of all time: "A Diamond is Forever." Since the 1950s, average working men have been spending about two months' salary (the standard rule of thumb, according to the industry) for diamond engagement rings.

There was a similar . industry to create a market for similar diamond engagement rings for men by creating a "historical precedent" (which never existed). The effort was not successful, although the campaign did eventually result in a market for men's diamond wedding rings and "his and hers" sets.

How Much?

Even today, diamond engagement rings come in a wide range of prices. Some can be purchased for as little as $300 - $400, while others can run as high as five and six figures. Setting, as well as size, clarity, color and quality of cut are all determining .