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When I was doing research into engagement rings I came across some bizarre forums full of rich guys with Ferraris in their avatars etc. discussing diamonds and other gem trade
The general consensus among these people at least was that anything over 1 carat was tasteless and gaudy. I wouldn’t doubt what you’re saying there kind of contributes to that mentality. And generally, unless you’ve got literally money to burn, rich people aren’t flaunting thousands of dollars of jewelry on a daily basis
It’s usually the people who are wearing their net worth who are flaunting it lol
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