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Relevant for those who did not read "Have you ever tried to sell a diamond? (1982)": "The diamond invention—the creation of the idea that diamonds are rare and

Relevant for those who did not read "Have you ever tried to sell a diamond? (1982)": "The diamond invention—the creation of the idea that diamonds are rare and valuable, and are essential signs of esteem—is a relatively recent development in the history of the diamond trade" http://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/ http://www.theatlantic.com/magazine/archive/1982/02/have-you...

sogen 12y ago
Uupvoted because of the deep insight about the greatest marketing campaign ever.
- larrys 12y ago
  Some people seem to feel that there is something wrong with marketing that makes you want a product or service. As many people with an expensive luxury brand can tell you (whether it's a handbag or a car) nice things are often nice way beyond what they really are or what they tangibly provide. (And there is nothing wrong about that..) Let's call it "the mother test". In other words if you gave a luxury car to your mother and she didn't know it was a Porsche Panamera Turbo how much pleasure would she derive out of it over a Toyota Avalon or a Cadillac CTS (relative to the price differential)? Put another way if a woman gets a kick out of a Coach handbag how would she feel if the handbag was a very good (licensed) replica of the Coach instead of the real thing? How many people with expensive Chef's kitchens derive pleasure out of them and actually don't even cook that much? And would rather have a kick ass Chef's oven rather than a GE oven? Just because the marketing has convinced them of value? My point is simply they are happy spending the money and getting what they are getting and there is nothing wrong or deceptive about that practice.
  - bagels 12y ago
    The Porsche Panamera Turbo is ludicrously faster than the other two cars (unless you're talking CTS-V). You're not just paying for the badge (though you are paying for that too)
    - Moto7451 12y ago
      For most people though they're only ludicrously faster than the other cars up to 35 (ok 40) or 65 (ok 80) miles per hour. Otherwise the number of cup holders is a more important spec than the handling and horsepower. That said, I own a sports car despite being aware of this because I love driving it. It's much more enjoyable than an econobox even if that guy beats me to work owing to lane choice.
  - aaron695 12y ago
    My understanding is the science currently totally disagrees with this. People are being fooled into thinking 'things' will make them happy. But the return is deceptively low aka they are being deceived.
    - lukifer 12y ago
      See also: Veblen goods. http://en.m.wikipedia.org/wiki/Veblen_good http://en.m.wikipedia.org/wiki/Veblen_good
  - sogen 12y ago
    The car example doesn't hold up, since both the Porsche Panamera and the diamond provide: Status and Luxury Design, but the car also provides many tangible benefits: * Transport * Comfort * Speed/Power/HP And the diamond only provides features: * Shining * Weight/Karat
walterbell 12y ago
Followup article(2012), "In 2000, De Beers Consolidated Mining Ltd. decided to rename its mining and raw diamond production branch, Diamond Trading Co., and maintain the De Beers’ name “to sell an exclusive brand of diamonds in soon-to-be-launched trendy De Beers stores” http://web.archive.org/web/20120923200747/http://www.overtcollusion.com/diamonds/ http://web.archive.org/web/20120923200747/http://www.overtco...

sogen 12y ago

Uupvoted because of the deep insight about the greatest marketing campaign ever.

larrys 12y ago
Some people seem to feel that there is something wrong with marketing that makes you want a product or service. As many people with an expensive luxury brand can tell you (whether it's a handbag or a car) nice things are often nice way beyond what they really are or what they tangibly provide. (And there is nothing wrong about that..) Let's call it "the mother test". In other words if you gave a luxury car to your mother and she didn't know it was a Porsche Panamera Turbo how much pleasure would she derive out of it over a Toyota Avalon or a Cadillac CTS (relative to the price differential)? Put another way if a woman gets a kick out of a Coach handbag how would she feel if the handbag was a very good (licensed) replica of the Coach instead of the real thing? How many people with expensive Chef's kitchens derive pleasure out of them and actually don't even cook that much? And would rather have a kick ass Chef's oven rather than a GE oven? Just because the marketing has convinced them of value? My point is simply they are happy spending the money and getting what they are getting and there is nothing wrong or deceptive about that practice.
- bagels 12y ago
  The Porsche Panamera Turbo is ludicrously faster than the other two cars (unless you're talking CTS-V). You're not just paying for the badge (though you are paying for that too)
  - Moto7451 12y ago
    For most people though they're only ludicrously faster than the other cars up to 35 (ok 40) or 65 (ok 80) miles per hour. Otherwise the number of cup holders is a more important spec than the handling and horsepower. That said, I own a sports car despite being aware of this because I love driving it. It's much more enjoyable than an econobox even if that guy beats me to work owing to lane choice.
- aaron695 12y ago
  My understanding is the science currently totally disagrees with this. People are being fooled into thinking 'things' will make them happy. But the return is deceptively low aka they are being deceived.
  - lukifer 12y ago
    See also: Veblen goods. http://en.m.wikipedia.org/wiki/Veblen_good http://en.m.wikipedia.org/wiki/Veblen_good
- sogen 12y ago
  The car example doesn't hold up, since both the Porsche Panamera and the diamond provide: Status and Luxury Design, but the car also provides many tangible benefits: * Transport * Comfort * Speed/Power/HP And the diamond only provides features: * Shining * Weight/Karat

walterbell 12y ago

Followup article(2012), "In 2000, De Beers Consolidated Mining Ltd. decided to rename its mining and raw diamond production branch, Diamond Trading Co., and maintain the De Beers’ name “to sell an exclusive brand of diamonds in soon-to-be-launched trendy De Beers stores” http://web.archive.org/web/20120923200747/http://www.overtcollusion.com/diamonds/ http://web.archive.org/web/20120923200747/http://www.overtco...