[HN Gopher] Diamond industry 'in trouble' as lab-grown gemstones...
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Diamond industry 'in trouble' as lab-grown gemstones tank prices
further
Author : keploy
Score : 45 points
Date : 2024-06-05 14:55 UTC (8 hours ago)
(HTM) web link (www.cnbc.com)
(TXT) w3m dump (www.cnbc.com)
| mbonnet wrote:
| Good. The diamond industry has destroyed multiple countries, one
| of which I lived in (Sierra Leone). Screw em.
| olliej wrote:
| Also the only reason the prices of "natural" diamonds are high
| is because of intentionally constricted supply
| johnea wrote:
| Seriously. De Beers has held as many diamonds in storage as
| the entire world supply, specifically to manipulate the
| "industry".
|
| Personally, the idea that everyone has to have one to get
| married is just stupid.
|
| Sadly, the meme generations have just reinforced these ritual
| practicies...
| sham1 wrote:
| This limits the supply, but we also must remember that the
| reason there's enough demand to justify the diamond industry
| to do this kind of shady stuff is due to marketing. I
| seriously doubt that diamonds, and especially natural
| diamonds, would be as popular as they are without the
| marketing, since the lab-grown ones are indistinguishable in
| all but price, if one wants one.
|
| Famously of course, marketing is responsible for the relative
| prevalence of diamond wedding and engagement rings. That
| they'd have to be worth N months' or years' salary? All
| marketing. And it has clearly worked, given how prevalent it
| is. And it has worked so well in fact, that this very idea
| has been embedded into wide parts of Western society.
| leereeves wrote:
| > I seriously doubt that diamonds, and especially natural
| diamonds, would be as popular as they are without the
| marketing, since the lab-grown ones are indistinguishable
| in all but price, if one wants one.
|
| Price is often the point. Diamonds are conspicuous wealth,
| an easy way to demonstrate "I'm better than you because my
| diamond is bigger/clearer/natural" for people who think
| like that.
| adverbly wrote:
| Hot take: it's not going to stop at diamonds. Marriage is
| expensive. Weddings are expensive.
|
| Honestly, if you compare it to the other really expensive things
| that happen around the same stage of life... buying a home,
| having children... Unless I'm from a highly religious family(also
| in decline), I can tell you easily which one I'd call pass on.
|
| https://ifstudies.org/blog/1-in-3-a-record-share-of-young-ad...
| r2_pilot wrote:
| Marriage costs $37 dollars in Mississippi, FYI. Celebrations
| around it, that's a different story.
| tapoxi wrote:
| I paid $50 to rent a gazebo at our town hall. No regrets having
| an inexpensive wedding.
|
| I remember the honeymoon we splurged on, much better value,
| much less planning and coordination to worry about.
| dan-allen wrote:
| Good!
| jncfhnb wrote:
| Go with moisonnaite, not lab grown diamonds!
| eppp wrote:
| Moissanite isn't exactly cheap either.
| Kirby64 wrote:
| Moissanite is sub $100/carat if you have the right vendor.
| Not expensive at all.
| pavel_lishin wrote:
| How come?
| Kirby64 wrote:
| Shinier than diamonds, for one. Much cheaper than even lab
| grown diamonds, for two. Almost as hard, and generally even
| fewer deficits than diamonds (except lab ones which are
| basically deficit free, just like moissinite).
| ceejayoz wrote:
| Moissanite is... also lab grown?
| jncfhnb wrote:
| Lab grown is not a bad thing.
| ceejayoz wrote:
| I agree, I'm just noting it isn't a distinction between the
| two.
| wizardforhire wrote:
| Good. Diamond is a wonder material that would bring about
| dramatic changes if it were more widely available. Not just grit
| or gemstones, it's conductive and self lubricating properties are
| woefully under utilized. Imagine ways, diamond coated shafts, and
| bearings that last billions of cycles. Not to mention its
| semiconductor properties.
| Manabu-eo wrote:
| Diamond heatsinks with RGB for gaymers!
|
| Actually, something similar already exists and is used thanks
| to synthetic diamonds:
| https://www.coherent.com/news/blog/diamond-heat-spreaders
| JumpCrisscross wrote:
| Down 17% in nominal terms over the last 10 years [1]. Add the 32%
| the dollar has lost in that period [2], and you're looking at a
| 50% drop in purchasing power.
|
| You'd have done much better in Treasuries [3].
|
| [1] https://www.paulzimnisky.com/roughdiamondindex
|
| [2] https://www.usinflationcalculator.com/
|
| [3] https://fred.stlouisfed.org/series/REAINTRATREARAT10Y
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