How do diamonds (natural and high quality lab created) stay valuable when there are so many in circulation from things like estate sales, heirlooms, new for sale diamonds, etc? I wonder this about diamonds specifically because they are difficult to destroy or compromise but are ubiquitous.
In: Economics
Market value. Diamonds aren’t actually rare. But they have been marketed as though they are for a long time. Diamonds actually weren’t as expensive as other precious gems even a couple hundred years ago. Their value was artificially inflated, partially by marketing schemes/advertisement campaigns, including the engagement ring industry, which propped them up as *the* right choice. Those who produce and sell diamonds have a vested interest in maintaining that artificially inflated value, so they aren’t going to sell them for less.
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