I think gold was mentioned to give the nod to alchemy. Diamonds are an interesting example. My understanding is that synthetic diamonds are largely used in ind

I think gold was mentioned to give the nod to alchemy. Diamonds are an interesting example. My understanding is that synthetic diamonds are largely used in industrial process (esp. abrasives). Synthetic diamonds in jewelry are cheaper alternatives, but jewelers can still sell natural diamonds for a premium. I think jewelry diamond prices are down in recent years, but not a crash. I think the market largely split. The value of diamond jewelry feels quite nebulous to me. I remember looking at diamonds when picking an engagement ring and the jeweler had me look through the loope to examine microscopic imperfections, trying to upsell me on a different stone. Realizing the absurdity of using a microscope to assess jewelery which would otherwise only ever be seen by naked eye, the illusion of value broke and I purchased none.