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Diamond industry 'in trouble' as lab-grown gemstones tank prices further
- mbonnet 2y agoGood. The diamond industry has destroyed multiple countries, one of which I lived in (Sierra Leone). Screw em.
- olliej 2y agoAlso the only reason the prices of “natural” diamonds are high is because of intentionally constricted supply
- johnea 2y agoSeriously. De Beers has held as many diamonds in storage as the entire world supply, specifically to manipulate the "industry". Personally, the idea that everyone has to have one to get married is just stupid. Sadly, the meme generations have just reinforced these ritual practicies...
- sham1 2y agoThis limits the supply, but we also must remember that the reason there's enough demand to justify the diamond industry to do this kind of shady stuff is due to marketing. I seriously doubt that diamonds, and especially natural diamonds, would be as popular as they are without the marketing, since the lab-grown ones are indistinguishable in all but price, if one wants one. Famously of course, marketing is responsible for the relative prevalence of diamond wedding and engagement rings. That they'd have to be worth N months' or years' salary? All marketing. And it has clearly worked, given how prevalent it is. And it has worked so well in fact, that this very idea has been embedded into wide parts of Western society.
- leereeves 2y ago> I seriously doubt that diamonds, and especially natural diamonds, would be as popular as they are without the marketing, since the lab-grown ones are indistinguishable in all but price, if one wants one. Price is often the point. Diamonds are conspicuous wealth, an easy way to demonstrate "I'm better than you because my diamond is bigger/clearer/natural" for people who think like that.
- chii 2y ago> iamonds are conspicuous wealth [veblen good](https://en.wikipedia.org/wiki/Veblen_good https://en.wikipedia.org/wiki/Veblen_good).
- nullc 2y ago> Diamonds are conspicuous wealth, an easy way to demonstrate "I'm better than you because my diamond is bigger/clearer/natural" for people who think like that. But are they an easy way? A fake looks the same except under careful inspection and is totally lawful. Some fancy car or designer clothes are at least unlawful to fake, even if sometimes faked.
- adverbly 2y agoHot take: it's not going to stop at diamonds. Marriage is expensive. Weddings are expensive. Honestly, if you compare it to the other really expensive things that happen around the same stage of life... buying a home, having children... Unless I'm from a highly religious family(also in decline), I can tell you easily which one I'd call pass on. https://ifstudies.org/blog/1-in-3-a-record-share-of-young-adults-will-never-marry https://ifstudies.org/blog/1-in-3-a-record-share-of-young-ad...
- r2_pilot 2y agoMarriage costs $37 dollars in Mississippi, FYI. Celebrations around it, that's a different story.
- tapoxi 2y agoI paid $50 to rent a gazebo at our town hall. No regrets having an inexpensive wedding. I remember the honeymoon we splurged on, much better value, much less planning and coordination to worry about.
- stephenr 2y agoRoom temperature take: Weddings are expensive. Marriage costs almost nothing.
- justinclift 2y agoDivorces have a reputation money wise as well. ;)
- tmtvl 2y agoDepends: marriage can be expensive for a rich asshole marrying a piece of crap who's terrible at spending someone else's money.
- rincebrain 2y agoFor certain kinds of rich people to whom being able to waste money is a demonstration of their self-worth, having a spouse who spends money like some people breathe air is a feature, not a bug.
- dan-allen 2y agoGood!
- jncfhnb 2y agoGo with moisonnaite, not lab grown diamonds!
- eppp 2y agoMoissanite isn't exactly cheap either.
- Kirby64 2y agoMoissanite is sub $100/carat if you have the right vendor. Not expensive at all.
- pavel_lishin 2y agoHow come?
- Kirby64 2y agoShinier than diamonds, for one. Much cheaper than even lab grown diamonds, for two. Almost as hard, and generally even fewer deficits than diamonds (except lab ones which are basically deficit free, just like moissinite).
- aeonik 2y agoIt's also a lattice of Carbon and Silicon, a symbolic reflection of our modern cyborg world.
- JumpCrisscross 2y agoOooh, I like this.
- ceejayoz 2y agoMoissanite is... also lab grown?
- 2y ago
- wizardforhire 2y agoGood. Diamond is a wonder material that would bring about dramatic changes if it were more widely available. Not just grit or gemstones, it’s conductive and self lubricating properties are woefully under utilized. Imagine ways, diamond coated shafts, and bearings that last billions of cycles. Not to mention its semiconductor properties.
- deleted 2y ago[deleted]
- JumpCrisscross 2y agoDown 17% in nominal terms over the last 10 years [1]. Add the 32% the dollar has lost in that period [2], and you’re looking at a 50% drop in purchasing power. You’d have done much better in Treasuries [3]. [1] https://www.paulzimnisky.com/roughdiamondindex https://www.paulzimnisky.com/roughdiamondindex [2] https://www.usinflationcalculator.com/ https://www.usinflationcalculator.com/ [3] https://fred.stlouisfed.org/series/REAINTRATREARAT10Y https://fred.stlouisfed.org/series/REAINTRATREARAT10Y
- boring-alterego 2y agoGood.
- richrichie 2y agoI wonder how much effect feminism had on this.
- barfbagginus 2y agoI for one hope feminism had EVERY effect on this!
- leotravis10 2y agoRelated discussions over the years: Diamonds Suck (2006) https://news.ycombinator.com/item?id=12944464 https://news.ycombinator.com/item?id=12944464 https://news.ycombinator.com/item?id=17186457 https://news.ycombinator.com/item?id=17186457 https://news.ycombinator.com/item?id=38247300 https://news.ycombinator.com/item?id=38247300 https://news.ycombinator.com/item?id=26698511 https://news.ycombinator.com/item?id=26698511
- snthpy 2y agoWhat's a good source for quality, cheap lab grown diamonds?