- cross-posted to:
- upliftingnews@lemmy.world
- cross-posted to:
- upliftingnews@lemmy.world
cross-posted from: https://lemmy.ml/post/16504047
Diamond industry ‘in trouble’ as lab-grown gemstones tank prices further
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Oh dear, someone destroyed the value of price fixed blood diamonds, how sad.
It was millennials. I know this because I’ve read hundreds of articles blaming them for it.
Right? Its so sad.
Just wait until the value is in how bloody your diamond is.
Moissanite is gorgeous and no one has to participate in slavery or murder to put them on me.
Awwwh but then ya don’t get that sweet sweet blood flavor with it.
Oh no!
Anyway…
it would be great if we could get debeers to pay for new job training for all the labor they’ve used that’s now obsolete.
but either way, obsoleting the diamond trade is a win.
The phrase you are looking for is ‘social transition’.
Unlikely to happen, though since DeBeers was dropped like a sack of potatoes by Anglo American who had an 85% stake in the company. The other 15% is the government of Botswana
ah ty for the insight
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Per the article the price only went down like 5%, and it’s only down 30% from it’s high in 2022, so doesn’t sound like they’re really going to stop being ridiculously priced.
Also, this part: “Additionally, the case for buying diamonds as an investment has dwindled, Daga said. Diamonds were seen as an asset and inflation hedge over the last 50 years, he elaborated. But that investment rationale has largely faded as prices plunge.”
I don’t think diamonds have ever been an investment? You buy a wedding ring and if you wanted to turn around and sell it you might get (completely guestimating here) 40% of what you paid for it.
I don’t think diamonds have ever been an investment?
Maybe not a ring, but loose gem stones definitely were an investment due to their rarity.
Diamonds and other gem stones are going the way of aluminum. Aluminum used to be a rare metal until industrial smelting techniques were developed in the 19th century.
Diamonds have never been rare in modern times. They are controlled by cartels and kept in massive warehouses to keep the supply low artificially. Not rare enough to justify the absurd costs anyway.
De Beers maintained a monopolistic hold over the diamond market for several decades, controlling 75-85% of the diamond rough supply. They carefully released only enough rough diamonds to satisfy then-current demand, while continually adjusting the degree of rough diamond availability. Of course, this made prices escalate and reinforced the perception of diamond’s rarity. De Beers actually mined considerably more rough diamonds than they sold. They maintained a large warehouse of uncut diamonds in London. As a result, they weren’t allowed to do business in the United States and a few other countries.
- international gem society
Diamonds may be forever, but carbon is not exactly valuable, objectively speaking.
Oh well.
