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Jewelers provide certifications when buying diamonds. They'd be a) on the hook if they sold counterfeit products, and b) they wouldn't be able to sell anymore b
by alfiedotwtf 6y ago
Jewelers provide certifications when buying diamonds. They'd be a) on the hook if they sold counterfeit products, and b) they wouldn't be able to sell anymore because of a tarnished brand.
- shawnz 6y agoI don't think the suggestion is that they'd sell counterfeits. The suggestion is that even the real thing has no special differentiating properties. The authenticity certificate is just a tool to achieve better signaling, nobody cares what it says as long as it says "authentic".
- Nursie 6y agoWhat I meant was what if it turns out diamonds are not special after all? Lab grown diamonds are diamonds. Whether one comes out of the ground or from a lab, maybe they aren’t that special.
- alfiedotwtf 6y agoAh. A lot of economists have argued that the "value" of something is based on the labor cost of production. So given that viewpoint, mined diamonds would be worth more than lab ones, even if they were identical in every way (yes, I also think this is silly, but that's what the market's indicating even today).
- Nursie 6y agoI'm pretty sure that doesn't really apply in such a massively manipulated market! (And yes, those economists would tend to get laughed out of the room these days)