> *Isn't it amazing (and scary) how brainwashed people are about the "value" of ...

Eric_WVGG · on Nov 13, 2016

There's a classic article from The Atlantic in 1982 that explains the bullshit. The article is astonishingly relevant, nothing has changed in the 35 years since.

http://www.theatlantic.com/magazine/archive/1982/02/have-you...

onion2k · on Nov 13, 2016

Aren't they worth what people are willing to pay?

Yes, but only as a function of their scarcity. Diamonds aren't actually rare. They're only made rare by diamond companies hoarding them and releasing tiny numbers of stones in order to maintain a high price. You certainly wouldn't buy diamonds as an investment, just in case a diamond company dumped their stockpile on to the market and the price collapsed.

TeMPOraL · on Nov 13, 2016

Not just that. If you also count diamonds manufactured in the laboratory, then diamonds are pretty common and cheap items. That's why diamond companies put a lot of effort into convincing people that only "natural" diamonds count as proofs of love.

coding123 · on Nov 13, 2016

Yes that is true, what he was saying is that if more people were educated about it, that worth would drop like a rock. Pun intended

mariuolo · on Nov 13, 2016

> I've never understood this argument. Aren't they worth what people are willing to pay?

I think the parent's argument is that not many people know about their price being inflated by a combination of artificial scarcity and hype.

kyle4211 · on Nov 13, 2016

But effectively all modern products have their prices inflated by hype (i.e. marketing) and many by artificial scarcity.

Not many people think about this for any product, why should we expect them to think about it for diamonds?

mariuolo · on Nov 14, 2016

There is another aspect: resale value.

Much lower for diamonds.