Topic: The diamond industry is a scam. Diamond has no intrinsic value. - page 2. (Read 310 times)

You can't actually produce nature diamonds, the produced diamond won't be as strong as the real one, and it can be easily determined as a fake diamond.
More then that, I think that relying on gold and diamonds is not good for the long run, as the techonology is just getting better and we can't really know if gold/diamond will still be elements that it's impossible to fake them.
On the other hand we can be sure that bitcoin won't be faked at the long run as it's nature requires everybody to agree for changes.

You might be kidding but there are some potentially valid points to your satirical perspective there.  

Diamonds may be vastly overvalued within current markets. There is something known as the "blood diamond trade" whereby a decent proportion of the diamond mining industry may be built upon violence, slavery, exploitation, monopolism and abuse. Of course the media typically says nothing of this as they are too busy focusing upon more "relevent" issues like bitcoin mining "consuming too much electricity". Its almost comical how there are humans kept in slavery mining diamonds and the media will ignore it, almost as if bitcoin mining consuming electricity is more important.

Back on topic: I agree diamonds are probably overvalued. I won't pretend to know the cost of manufacturing artificial diamonds or whether diamonds have any place in toolsets in terms of carbide versus diamond tip drill bits. I think it is safe to say a lot of things are overvalued. The trouble is, neither the media, experts nor anyone in the know has any plans to inform the public as to what those overvalued assets are. This complicates things as people have become less independent over time and more reliant upon the media to keep them educated and informed.

I believe that what make it to have intrinsic value is the ways people believe it to be and how people have create value for it.  Bitcoin has the same values no matter how some unintelligent and low reasoning people see it.  Bitcoin has a great value more than daimod and other financial instruments.

If you think that the diamond is a scam for it was thought to be of no real-world use then we might also said that Mona Lisa painting of Leonardo Davinci is a scam too because it has no real-world applications too. Fashion, vanity, rarity and art is what makes the diamond valuable, same as an old paintings of greatest artist it has no real world application but the history and resemblance is what makes them valuable.

Why don't you buy some of this so called 'synthetic diamond', conduct scientific experiments on the same and prove to the world that it is actually not the naturally available allotrope of carbon? Like a wise man said, "Extraordinary accusations require extraordinary proof." and expose the so called bogus diamond industry at your will.

That's not true at all, diamonds are used in some industrial sectors. For example, in marble, they use a diamond wire to cut the stone into pieces. And the wires are not so cheap, they also have a very fast wear. Diamonds as one of the hardest minerals on Earth are becoming more and more useful for processing other materials, either by cutting, grinding or polishing. Other tools and materials such as windows, surgical instruments, blades and phonograph needles all have diamond-reliant variations. Diamonds are also unique. Each diamond is different than the next one, making them difficult to value. At present, there is no spot price for diamonds, which means that would-be investors have no way to gauge the price, as prices vary from vendor to vendor.

People's values are always guided.

Watches, diamonds, modern art and so on all have their industry's marketing norms.

All in all, it makes you feel valued, but when you look at the nature of things, it can be a marketing scam.

The diamond`s intrinsic value somes from all the costs paid to produce or discover one diamond.
The diamonds are very overpriced,because the big diamond traders buy lots of cheap diamonds from Africa and they just store them.They do the same thing crypto whales do.They HODL.By creating big diamond reserves they reduce the market supply and increase the market price a lot.Everything else is just marketing and fashion.

Diamond's hype is clearly over its rareness in nature. And also on the fact that it is made of the same carbon which is available everywhere, and inly one bond (chemistry) less than the graphite used in the pencil tip used to write. These things make it so special. Also being the toughest item in the world, it attracts attention. And the design of it, without even being touched by human hands, is so spectacular and creates total internal reflection phenomenon to provide that glare which it is famous for.

Definetely its over hyped, but the asthetics are very much pleasing to eyes and a good one to show off.

Diamond is a valuable asset if you use that not an essential product I think, ticky cryptocurrency used as a currency and it's deserve a market value like other paper currencies.

Diamond is made from carbon, the most abundant element on planet Earth.
It can now be easily and cheaply mass produced (e.g. synthetic diamond).

The only difference between synthetic diamonds and "natural" diamond is that the latter may possess some kind of defects.
So people are pretty much paying a premium on 3D covalently bonded compressed carbon not for the Diamond itself but for those defects (which can also be forged in a proper high-end lab).

The value of diamond has more to do with marketing which generates demand than anything else.

At least cryptocurrency have actual real-world use. BTC -- as a store of value, ETH/NEO/Stellar ICO platforms, Stellarport/BitShares (Decentralized Exchange and Banking), VeChain/NucleusVision logistics tracking and retail services enhancement, and so on..

What can jewellery grade diamond (e.g. not the cheap industrially useful synthetic ones, but those overpriced ones) do other than the hype around it from intensive marketing and media portrayal?

I predict the price of diamond will go to $100/kg

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lol of course I am kidding with the last statement and the title. But I am just drawing parallels between other commodities (using diamond as just one of many possible examples) to illustrate a point -- and to counter the massive FUDs being spread by jealous tradition financial institutes (many of them have even crashed the world economy in 2008 w/o any consequences, bailed out by tax payer's money, and the top executives used that to pay themselves huge bonuses) -- these traditional financial institutes will certainly be disrupted by the emergence and rise of cryptos, and they are now panicking and fighting back their "control" against an entity that they could not as easily manipulate.