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I think the question boils down to ... is your diamond ring your first one and are you attaching to it the question of getting engaged.? If so, I would have trod over 20 birkins to get my diamond to get engaged to Mr. Wittman.
Somewhat well over the hill ... it's far more difficult to get a birkin than a diamond ring, money not being in consideration. Diamonds and birkins both have resale value ... birkins holding significantly more of their value, often at more than their purchase price at retail.
But, again, put me back in my 20s, I'd choose the diamond. Diamonds are indeed more "forever" than a handbag ... but as humans, it's not like we live forever. You know?