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How we were manipulated into believing that diamonds have value


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2019 Aug 29, 7:48am   2,197 views  16 comments

by Patrick   ➕follow (55)   💰tip   ignore  

https://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/

The diamond invention—the creation of the idea that diamonds are rare and valuable, and are essential signs of esteem—is a relatively recent development in the history of the diamond trade. Until the late nineteenth century, diamonds were found only in a few riverbeds in India and in the jungles of Brazil, and the entire world production of gem diamonds amounted to a few pounds a year. In 1870, however, huge diamond mines were discovered near the Orange River, in South Africa, where diamonds were soon being scooped out by the ton. Suddenly, the market was deluged with diamonds. The British financiers who had organized the South African mines quickly realized that their investment was endangered; diamonds had little intrinsic value—and their price depended almost entirely on their scarcity. The financiers feared that when new mines were developed in South Africa, diamonds would become at best only semiprecious gems.


I suspect very similar manipulation has gone on with respect to houses.

Comments 1 - 16 of 16        Search these comments

1   komputodo   2019 Aug 29, 8:25am  

from the TV like everything else
2   GNL   2019 Aug 29, 10:01am  

Patrick says

I suspect very similar manipulation has gone on with respect to houses.

Patrick, I agree. Think about it. Which is easier...watching RE portfolio increase in value with no work or risk work and debt to create a house? Not only that but, current debt and government revenue, pensions etc must be covered. Actually, I don't entirely get it because banks and government would make tons more $$ if we did like Wookie(?) or is it Tenpoundbass says....we need more cities.
3   casandra   2019 Aug 29, 10:08am  

Diamonds are the biggest wealth joke. Never worth later in life what you originally paid.

In olden days, like me, a man paid a dowery to a females family to marry there son. The trade-off was the girl had to be a virgin, so basically the dowery purchased virginity. Later the dowery became the man buying his wife with a dowery of an expensive ring, and she gave him her virginity. Now we have diamond moguls telling young men you have to buy an expensive ring from us at 2.5 times your monthly income. And guess what stooges, THE GIRLs AINT NEVER NO VIRGINS NO MORE NO WAYS!. So quit playing into this game. Oh put the wedding planners and their cohorts out of business also. Oh Lord!
4   Al_Sharpton_for_President   2019 Aug 29, 10:13am  

Women (wives) want both. Hmmm....
5   Ceffer   2019 Aug 29, 10:24am  

Diamonds buy pussy. 'Nuf said.
6   RC2006   2019 Aug 29, 10:30am  

Its total bullshit if debeers released all the diamonds they have horded they wouldn't be worth much at all its all fake scarcity.
7   mell   2019 Aug 29, 10:42am  

All true but women value them. You could say similar things about expensive men watches. Sure they actually have a function and are often well made craftsmanship when expensive but you could really do with a $10 digital watch with a replaceable battery to tell you the time. Of course womyn are masters of this bullshit that's why the 80% of shit is advertised to women. Why ride your $200 bicycle in beautiful nature when you can buy a $2000 peloton clogging up your home
8   clambo   2019 Aug 29, 11:33am  

The diamond cartel was created to keep the price of diamonds high. The scarcity of diamonds is false but they've figured out how to control the supply.

Real estate has some similarity as the supply of spots which you may desire is obviously limited.

I was thinking of the white elephant house Obama just bought on Martha's Vineyard; no way is the place worth that dough because it's not in an ideal location compared to many other places it's inferior. The ones with commanding ocean views elsewhere are more difficult to buy since they are hardly ever sold anyway.

In Santa Cruz, the University severely limited dormitory housing while growing the student enrollment; Santa Cruz won't allow new housing to be built in the Beach Flats area so it stays a crummy part of town. Wages rise over the hill so house prices are high now and will likely not fall.
9   Heraclitusstudent   2019 Aug 29, 6:21pm  

willywonka says
Women (wives) want both. Hmmm....


If diamonds were cheap, women would want something else.
So?
10   komputodo   2019 Aug 29, 9:05pm  

Ceffer says
Diamonds buy pussy. 'Nuf said.

Diamonds pay rent on pussy...lol
11   Eric Holder   2019 Aug 29, 11:31pm  

WineHorror1 says
... banks and government would make tons more $$ if we did like Wookie(?) or is it Tenpoundbass says....we need more cities.


Right. And this is why California City is booming...
12   Booger   2019 Aug 30, 4:29am  

Heraclitusstudent says
If diamonds were cheap, women would want something else.


Like more shoes!
14   Booger   2019 Dec 15, 3:59am  

https://www.scmp.com/business/article/3020399/china-disrupting-worlds-diamond-sector-tapping-sophisticated-technology

Five years ago, a “fake” diamond cost about 10 per cent less than the real thing. Now the discount is about 50 per cent. And within five years, it could be 90 per cent.
15   MisdemeanorRebel   2019 Dec 15, 6:24am  

Just wait until Sexbots come around. Then chicks will be happy with a bronze ring.
16   B.A.C.A.H.   2019 Dec 15, 9:52am  

The diamonds are not about us.

It's for them to brandish at other females.

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