Why do we place such high value to things such as gold and diamonds? Wouldn’t it make sense to put that value on things that are more “useful”?
In: Economics
A big part of the reason we put a high value on diamonds is because the DeBeers company a) advertises that diamonds are important and b) hoards piles of them to keep the supply low and the price high.
This was one big reason why DeBeers opposed lab created diamonds so strongly – to the point of threatening researchers. If any appropriately stocked lab could crank out diamonds more perfect than the DeBeers diamonds, then DeBeers’ vault of diamonds would be worthless.
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