Sunday, June 19, 2016

Diamonds Vastly Overrated

I've never been a big fan of diamonds. I resent the whole industry, starting with the DeBeers cartel, and continuing through to the wretched social expectations, and the utter BS sales line about setting aside 4-6 months' salary for your engagement ring. All for a pretty, shiny, perhaps scintillating--when recently cleaned--but ultimately not all that interesting chunk of carbon.

So for decades I have cherished this thought experiment. Knowing that there are industrial processes to produce gem-grade diamonds, but that they have not been cost-effective, I liked to think--what if someday a top, gem-grade 1-carat diamond could be produced for $100? It would still be as beautiful. Would it still be cherished? Obviously I doubt it would be. It's all scarcity thinking--something else I generally dislike.

Well, it sounds like that day is getting closer. Not $100/carat, but 40% cheaper. Just give it time. 

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