Oh dear. We are constantly subjected to this sort of scolding in the name of some political ideology (in this case, 'wimmin'). Diamonds are exactly about signaling, as is an Ivy League education. Attributing useful properties to either only confuses the signal, which is purest when there is absolutely no utility. Since Ivy League schools pre-select, it is not hard to show that they add no value in and of themselves, apart from fleecing the recipients in exchange for safe spaces.