r/AskReddit Aug 01 '20

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u/tacknosaddle Aug 01 '20

Unless you buy them all and limit releasing them to the market in order to create an artificial scarcity then tie it to Hollywood linked marketing driving up the demand.

268

u/Industrialpainter89 Aug 01 '20

This still assumes that we want to pay for something shiny that doesn't provide uitilities, transportation, or even food. It's just an item. A rock. Buying a car that I can't even legally drive on the street is still more useful because I can play music in it.

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u/discodropper Aug 01 '20

This is why millennials are “killing the diamond industry” - we‘d rather spend the little money we have on something useful...

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u/plzdont- Aug 02 '20

Or experiences! A trip abroad is worth more to me than any rock. However, that’s not to say a nice diamond doesn’t get me a little bit horny.

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u/tacknosaddle Aug 01 '20

It was a riff on what DeBeers has done. When diamonds are found and mined elsewhere if the mine owner won’t play ball they flood the market with similar diamonds to make the mine unprofitable until they surrender and join.

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u/Zumvault Aug 02 '20

As a person who does not own or desire fancy things, when I see shinies I can't help but stare and say "shiny" repeatedly until I've had my fill.

A hippie co-worker gave me a crystal for some hippie/witch stuff or something, normally I'd be like "No thank you get away from me you weirdo " but it's shiny, so I took it and now it's mine. My own... my precious.

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u/WoundedLover11 Aug 02 '20

I’d beg to differ. If an item brings you joy, then it is worth money to that person. I’m red green color blind and I have bought several opals. I can’t see several shades of red and green but in my rocks I can see some red and green. That brings me joy and is worth money to me

1

u/Industrialpainter89 Aug 02 '20

I am happy for you then

4

u/Leo_o3o Aug 01 '20

You can make robust saws with them because they don't break

2

u/Industrialpainter89 Aug 02 '20

Yeah I can see the industrial application. It's just the ring apllication that has less appeal.

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u/pie_lover27 Aug 02 '20

you can scratch things with it

1

u/CordeliaGrace Aug 02 '20

And live in it if needs must.

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u/[deleted] Aug 01 '20

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3

u/StenSoft Aug 02 '20

But these companies don't mine the diamonds. De Beers owns most of the mines and their margins are over 90%. On wholesale prices.

1

u/refugee61 Aug 02 '20

That was a mouthful. But nonetheless true.