4 ms·

It will be fun to watch the diamond monopoly go in reverse and argue that imperfect diamonds are the best.

D13Fd 2y ago
It's already there. I've been trying, and failing, to convince my wife that we don't need a $7,000 "real" diamond for a ring she wants, and that a <$1000 lab-created diamond is better. Not only is it cheaper, but it's likely less flawed and doesn't support a company with unethical practices. She is convinced that she nonetheless needs the $7,000 one or at least a used "real" diamond for reasons I cannot comprehend.
- TeMPOraL 2y ago
  The value of real diamonds is in signalling how much money you're able and willing to burn. That's why their pricing makes no sense, and why the more expensive it is, the better.
  - collingreen 2y ago
    This is exactly it unfortunately.
  - init2null 2y ago
    The price difference could be a large part of a romantic trip to Europe. The desire for such showcase possessions is tough for me to understand. A ring rich in gold, platinum, rubies, or emeralds would at least hold its value well by comparison.
    - TeMPOraL 2y ago
      Think of it like this: what's the surest, simplest, and most reliable way of proving to people that you're wealthy? It's taking a good chunk of your cash - like, in the order of monthly living expenses of people around you - and setting it on fire. Or spending it on something just as useless - like a diamond ring, or that romantic trip across Europe. That's why jewelry with obvious resale value doesn't work as well, nor does anything that can be seen as investment or an utility purchase: the signal only works if you're wasting money on a vanity purchase - one large enough to show that you either have more money than you know what to do with, or at least that you care so much about recipient that you're willing to sacrifice a meaningful chunk of your wealth on a gesture. Of course few will say this out loud, or even think about this explicitly. Diamonds, engagement rings, and all the other staples of romance are in big part a status game that people learn to play from childhood, so to most, those things feel like something natural to do.
- Retric 2y ago
  Part of it is because status means something because other people can’t achieve it. https://en.wikipedia.org/wiki/Veblen_good# https://en.wikipedia.org/wiki/Veblen_good#
- JohnFen 2y ago
  Natural diamonds are not especially rare. The entire reason they are overvalued in society is due to an extremely successful and ongoing marketing campaign combined with a monopoly that allows for extreme market manipulation. Your wife is concerned with that social value. The actual physical qualities of the stones aren't really that important. Social status is.
- GuinansEyebrows 2y ago
  There really is no ethical or moral defense for natural diamond mining. When presented with the human and environmental impact, one’s response is pretty informative of their character and motivations.
- nojvek 2y ago
  A big part of diamonds is marketing. That if you are not putting one month’s salary away for that special stone then you are not strongly committed to marriage. My wife was pragmatic. I said we could put $5k on a stone that has no intrinsic value or $5k on FNILX at time of marriage and take a blast of vacation one year later when it’s turned into ~$5500. She chose vacation and we had a blast in Europe. Good vibes per dollar spent is where it’s at.
dynisor 2y ago
It's already happening, there was even a huge ad campaign https://nationaljeweler.com/articles/12184-steven-singer-jewelers-giving-away-100-lab-grown-diamonds https://nationaljeweler.com/articles/12184-steven-singer-jew...

It's already there. I've been trying, and failing, to convince my wife that we don't need a $7,000 "real" diamond for a ring she wants, and that a <$1000 lab-created diamond is better. Not only is it cheaper, but it's likely less flawed and doesn't support a company with unethical practices. She is convinced that she nonetheless needs the $7,000 one or at least a used "real" diamond for reasons I cannot comprehend.

TeMPOraL 2y ago
The value of real diamonds is in signalling how much money you're able and willing to burn. That's why their pricing makes no sense, and why the more expensive it is, the better.
- collingreen 2y ago
  This is exactly it unfortunately.
- init2null 2y ago
  The price difference could be a large part of a romantic trip to Europe. The desire for such showcase possessions is tough for me to understand. A ring rich in gold, platinum, rubies, or emeralds would at least hold its value well by comparison.
  - TeMPOraL 2y ago
    Think of it like this: what's the surest, simplest, and most reliable way of proving to people that you're wealthy? It's taking a good chunk of your cash - like, in the order of monthly living expenses of people around you - and setting it on fire. Or spending it on something just as useless - like a diamond ring, or that romantic trip across Europe. That's why jewelry with obvious resale value doesn't work as well, nor does anything that can be seen as investment or an utility purchase: the signal only works if you're wasting money on a vanity purchase - one large enough to show that you either have more money than you know what to do with, or at least that you care so much about recipient that you're willing to sacrifice a meaningful chunk of your wealth on a gesture. Of course few will say this out loud, or even think about this explicitly. Diamonds, engagement rings, and all the other staples of romance are in big part a status game that people learn to play from childhood, so to most, those things feel like something natural to do.
Retric 2y ago
Part of it is because status means something because other people can’t achieve it. https://en.wikipedia.org/wiki/Veblen_good# https://en.wikipedia.org/wiki/Veblen_good#
JohnFen 2y ago
Natural diamonds are not especially rare. The entire reason they are overvalued in society is due to an extremely successful and ongoing marketing campaign combined with a monopoly that allows for extreme market manipulation. Your wife is concerned with that social value. The actual physical qualities of the stones aren't really that important. Social status is.
GuinansEyebrows 2y ago
There really is no ethical or moral defense for natural diamond mining. When presented with the human and environmental impact, one’s response is pretty informative of their character and motivations.
nojvek 2y ago
A big part of diamonds is marketing. That if you are not putting one month’s salary away for that special stone then you are not strongly committed to marriage. My wife was pragmatic. I said we could put $5k on a stone that has no intrinsic value or $5k on FNILX at time of marriage and take a blast of vacation one year later when it’s turned into ~$5500. She chose vacation and we had a blast in Europe. Good vibes per dollar spent is where it’s at.

dynisor 2y ago

It's already happening, there was even a huge ad campaign https://nationaljeweler.com/articles/12184-steven-singer-jewelers-giving-away-100-lab-grown-diamonds https://nationaljeweler.com/articles/12184-steven-singer-jew...