Eli5 Why does gold have high return value and not diamond? Even though culturally we value diamond more

Question

Eli5 Why does gold have high return value and not diamond? Even though culturally we value diamond more

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Answer 1

Gold has high value because it’s rare and can’t be created only found and mined up. This is why until recently a US dollar was backed by it’s value in gold and old cultures used gold directly as currency.

Diamonds can be created in a lab out of anything that has carbon in it which is most things, it ONLY has value because of its cultural significance and the artificial scarcity created by diamond companies