This is so foreign to me. Why do people care? It's just a way to signal wealth and really not much different than a bride price (a cultural practice that American expats are quick to criticize in an Asian culture, for reference). My girlfriend / future-wife and I will get matching steel rings or something similar, like my parents have. She's not American so she was thrilled by that idea. I already told her I won't wear it most of the time because rings are annoying, and again that was no problem at all.
I would run the other way if someone is resolute about buying a diamond, after everything that is known about the diamond industry. It means either that person is totally ignorant of the world around them, or doesn't care about making a positive impact with their lifestyle choices.