What is the Point of Real Diamond Jewelry?

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Will someone please explain to me what the point of real diamond jewelry is? I could buy a car, or a new computer no, I could pay for the college courses I would love to take so that the grammar and punctuation in this post would actually be correct, with the money people spend on a diamond engagement ring. How many people do you know who can actually tell the difference. And of those few, how close do they have to get to determine this? Is it realy worth thousands of dollars extra (most of the time in debt) to have someone's face come that close to your jewelry and say, "yep it's real." That is an expensive sentence fragment. Who do you have to impress that bad? Is their judgement worth that much money to anyone?