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Why are diamonds so valuable watch

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    they are just lumps of carbon, similar to graphite. The worlds largest blue diamond is going for sale, estimated at over 20 million dollars. explain the value
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    (Original post by Meenglishnogood)
    they are just lumps of carbon, similar to graphite. The worlds largest blue diamond is going for sale, estimated at over 20 million dollars. explain the value
    They are rare, they are beautiful and their value is self perpetuating since everyone believes that everyone else finds them valuable too.
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    The supply is controlled in Antwerp

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    Rare - check. Same as gold.
    Shiny - check. Same as gold.
    Resists damage - check. Same as gold (except gold famously doesn't corrode, diamond famously doesn't erode)
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    Controlled supply chains.
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    Its more of a feel good item. 'I have a diamond ring', go me.
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    (Original post by Meenglishnogood)
    they are just lumps of carbon, similar to graphite. The worlds largest blue diamond is going for sale, estimated at over 20 million dollars. explain the value
    google veblen goods. Also, controlled supply.
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    Because they're rare, which incidentally is also why I'm priceless.
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    Yeah I don't really understand why they're worth so much. I can understand why oil is worth a lot for example, but diamonds? Weird.
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    http://www.reddit.com/r/todayilearne...rare_and_were/

    Marketing to convince girls they need it. Not even rare.

    EDIT: Woops accidentally linked the reddit post but the link to the article is in the post nonetheless.
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    They're shiny and pretty :love:
    Diamonds are forever :yep:
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    Because people value them - partly because of ingenious advertising campaigns - and because of the diamond cartel.
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    Because we have all been tricked into thinking they're valuable. They aren't rare and shouldn't be anywhere near as expensive as they are their supply has been restricted artificially inflating the price.
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    (Original post by MidnightDream)
    They're shiny and pretty :love:
    Diamonds are forever :yep:
    Nope, all diamonds are thermodynamically unstable and will all eventually turn into graphite.
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    Why is anything valuable, in the monetary sense? Think about it. Gold is largely useless in modern society, used for little more than decoration, despite its potential technological uses. Same goes for silver and platinum, however they are utilized to a larger extent in industry. Most of the things that are very expensive are only expensive because society as a whole values them for some reason. Pragmatically speaking, many of these things have little use. Jewelry, designer clothes, sports cars, etc have very little additional value over cheaper counterparts. Obviously there are exceptions, such as oil and water, but most consumer goods have little actual value. Society dictates what is valuable through supply and demand. Lots of people want diamonds/gold/twinkly things, and we only find small amounts of such things in nature, so the prices naturally sky rocket.
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    Another reason could perhaps be the work that goes intro extracting them? No?
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    It's because "They're a girls best friend" DUH!!!
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    Supply is restricted by monopoly chains.
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    Artificially restricted supply and high demand due to marketing. Oh and they're sooooo shiny.
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    (Original post by limetang)
    Nope, all diamonds are thermodynamically unstable and will all eventually turn into graphite.
    Thanks for bursting my bubble :sad:
 
 
 
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