Current Events > How does the diamond industry stay in business?

(+) Yeah! (+)

Back in the day everyone accepted that diamonds were the greatest thing ever and worth the money, but now everyone knows the ethical concerns of mining diamonds and that they aren't even worth the money.

So why am I still seeing commercials for diamond rings?
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Because those diamonds aren't mined they're made

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The people who buy diamonds buy A LOT of diamonds.

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Conflict diamonds are becoming less and less common in the industry. Not a lot of companies want to associate themselves with that source anymore. Like stated above, a lot of them nowadays are created, not mined.

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If a lot of diamonds today are created, why would you buy them over moissanite or CZ?
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Damn_Underscore posted...

If a lot of diamonds today are created, why would you buy them over moissanite or CZ?

CZ is literally better looking than diamonds.

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Damn_Underscore posted...

If a lot of diamonds today are created, why would you buy them over moissanite or CZ?

They are lab created, but that doesn't make them not diamonds anymore. Instead of finding them naturally occurring through mining, they recreate the process, and the result is still a diamond. It's not artificial or anything at that point.

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Still demand in the high end market.
Source: My roommate works for Cartier.
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People like shiny things and expensive things. Much of the world has been convinced that diamonds are both through constant marketing. Now it's also a social thing where people feel pressured to buy them and people highly desire them.

But if they are created in labs, any fantasy that they are rare is instantly destroyed.

So it makes a lot more sense to buy a diamond simulant that costs a lot less and looks just as good or better.
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How did anyone every want to pay a quarter of annual salary for a tiny spec of a rock that literally does nothing.
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Damn_Underscore posted...

But if they are created in labs, any fantasy that they are rare is instantly destroyed.

So it makes a lot more sense to buy a diamond simulant that costs a lot less and looks just as good or better.

yes, diamond's high price is propped up by artificial scarcity and pride, tradition, etc. rather than actual rarity.
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Megaman50100 posted...

yes, diamond's high price is propped up by artificial scarcity and pride, tradition, etc. rather than actual rarity.

To be fair you're also paying for the artwork involved with cutting. They're still overpriced as fuck but it's not really fair to suggest you can get some cloudy / dirty lump of carbon that looks like someone stepped on a Hershey Kiss and expect people to appreciate it as much as an artisinal cut diamond.

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Rappers.

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The jewelry industry does a pretty good job of protecting itself. Keep it in the family.

That $7500 ring you got at Kay's? They got it for $2500. Appraisals are nothing more than sales tools.

"I've got an appraisal that says this ring is worth $10k, but I like you so I'll sell it to you for $7500."
.
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Because people dont have critical thinking skills.
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This explains it

https://www.youtube.com/watch?v=N5kWu1ifBGU
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De Beers has pretty much nailed it into our heads that we need a diamond. I'm more partial to Topaz myself. Hard to change peoples minds. Same thing with smoking. We know the dangers, we just choose to ignore them.

Fuck diamond. Metals are where its at

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sapphires are the gemstones of patricians

diamonds were memed into cultural prominence by de beers
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Damn_Underscore posted...

How does the diamond industry stay in business?

Just barely

Millennials aren't really buying diamonds, and their value is plummeting since they can just be mass produced in a lab now
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they just keep the diamonds they don't sell at the end of the day

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Diamonds have use in science, engineering and mining for obvious reasons

As for how the jewelry industry stays in business? Artificial scarcity
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