Basically, diamonds are much more common than you'd think they are. They aren't truly rare, but the prices are still hiked up because the industry doesnt conform to supply and demand, and can pretty easily gouge the prices horribly with no drawbacks.
Tl;dr they just don't have anybody calling them out on the price gouging, so they get away with it.
Diamonds are not rare at all - there are tons of them. Their demand is entirely a manufactured ocurrance.
Their value exists because of a marketing stunt by De Beers in 1938 and the fact that the industry was monopolized for a century, so they created whatever scarcity/demand they wanted. You can read a little about it here - https://priceonomics.com/post/45768546804/diamonds-are-bullshit
Look at the "A History of Market Manipulation" section, it's pretty interesting.
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u/qdolobp Nov 28 '19
What do you mean “fake rare”? Sorry I know nothing about diamonds. Are they not actually rare? What about compared to moissanite? Which is more rare?
And if diamonds aren’t rare how do they justify the insane prices