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Dimaonds seems like a poor choice as they were made artificially scarce to inflate price in the first place by a monopoly built with this objective in mind. La
by bigbugbag 13y ago
Dimaonds seems like a poor choice as they were made artificially scarce to inflate price in the first place by a monopoly built with this objective in mind.
Later when diamonds started to lose their appeal in the 30's the monopoly built an artificial demand for diamond in the US through manipulating minds (also called advertisement, marketing and propaganda aka public relations) into associating diamond as symbols of love and commitment creating artificial demand of diamond engagement rings most known as "a diamond is forever" campaign. A scheme later exported in other countries.
When major discoveries of diamond were made threatening to lower the market price, the monopoly bought all the production to hold onto it. When countries refused to sale they would release a large number of similar diamonds into market to kill any profit those countries would make.
More recently they settled a class action lawsuit for fixing prices of gem diamonds and pleaded guilty in another suit about fixing prices of artificial diamonds.
So diamond dazzling is a total fabrication and diamonds would never have got expensive without De Beers conspiring to inflate prices.
http://www.businessinsider.com/history-of-de-beers-2011-12?op=1 http://www.businessinsider.com/history-of-de-beers-2011-12?o...