Right or wrong, Galloway's thesis would specifically reject that idea. Synthetic diamonds are equivalent (or superior!) on an atoms level. But on a bits level

Right or wrong, Galloway's thesis would specifically reject that idea. Synthetic diamonds are equivalent (or superior!) on an atoms level. But on a bits level they lack the history of being formed in the Earth's crust, which stays scarce. Diamond marketing exploits that to good effect -- most diamonds are marked and registered in a database that traces its unique history. Doing so makes it possible to value the history as unique, and also leads by example in investing in the value of that history (they make a big deal out of the tech used to confirm authenticity). Since the final purpose of the diamond is to demonstrate stored value rather than produce it, the target buyer is focused on whether others recognize the value, not whether it is justified. On a personal level, I think the history of "real" diamonds is almost always horrific and a negative asset! I hope companies like Pandora can put marketing power into creating scarcity stories for synthetic diamonds.