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I guess its a bit like wearing a Grand Seiko and most people thinking you're wearing a £100 watch.
I do sort of understand it. I even admire it in a way. I just can't quite get my head around using a diluted precious metal to make something and then covering it up with something cheap to make it look like a precious metal.
EDIT: ..and then charge the same or more than if it was made from the pure precious metal.
Stonehedge
Who cares? Barely anyone sees the difference between white gold and steel. It's about knowing what you're wearing is actually gold I'd say