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Shaking Up the Diamond Industry

newyorker.com

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Re: Shaking Up the Diamond Industry

#31

Post by bluedevil2k »

dannyw wrote: post #5

We should crowdfund a PR campaign that diamonds are synonyms for death and exploitation, and it’s more humane for “any gem but a diamond”. A $10 million campaign or so, targeting youth especially, can have tremendous impacts on future generations.

You’re totally naive if you think other gems are mined more humanely than diamonds. Just look at the countries about half the diamonds are coming from these days - Russia, Canada, Australia. You think it’s going to be more humane and ethical to mine sapphires in Madagascar or Lapis in the mountains of Afghanistan?

Re: Shaking Up the Diamond Industry

#32

Post by bluedevil2k »

galangalalgol wrote: post #25
matwood wrote: post #23

Earlier quoted context omitted.

> everyone thinks it’s a diamond and we haven’t yet felt the need to correct them It also avoids conversations that have few good outcomes. Tell someone who spent $$$$ on a diamond that you think diamonds are a waste of money or a humanitarian disaster, and it's not a great way to start a conversation. There are also other colored stones that I think are nicer looking than diamonds, but moissanite provides a nice way…

Synthetic diamond will eventually become so easy the industry won't be able to supress it anymore. The collapse will be interesting, in the bloddy sense of the term I suspect.

Synthetic diamonds are not easy to produce and they take time and energy (literally). The only reason synthetics are made is because the price of real diamonds help prop up the price of artificial ones. If the market collapses, as you predict, than artificial diamonds don’t become economical to create any more. My prediction: new mines will continue to be found and real diamonds will have the same market hold they have now in 20 years.

Re: Shaking Up the Diamond Industry

#33

Post by chadmeister »

irishcoffee wrote: post #11
lordnacho wrote: post #4

I still wish I'd discovered Moissanite before I got married. The rock would have been multiples larger and I'd have the satisfaction of not contributing to a monopolistic and exploitative industry.

I was fortunate enough to discover moissanite. Wife loves it, and the price was somewhere in the ballpark of 90-95% cheaper than an equivalent size diamond. The added benefit is, everyone thinks it’s a diamond and we haven’t yet felt the need to correct them...

Exact same situation here. Wife gets complimented on it all the freaking time and not a single person has ever thought it was anything but a diamond. One of the best decisions of my life second only to marrying this woman!

Re: Shaking Up the Diamond Industry

#34

Post by starpilot »

dannyw wrote: post #5

We should crowdfund a PR campaign that diamonds are synonyms for death and exploitation, and it’s more humane for “any gem but a diamond”. A $10 million campaign or so, targeting youth especially, can have tremendous impacts on future generations.

shit HN says

Re: Shaking Up the Diamond Industry

#35

Post by vostok »

anonu wrote: post #17

Really cool history. Thanks for sharing this. I can imagine if you "know the truth" about the business you're in you might want to get out. I felt like that about certain financial jobs I've had in the past. The actual work felt like it provided no real value to society, but the intellectual challenges were what kept me there.

That's interesting. I actually feel quite differently about my own experience in finance.

HFT is a great example mentioned by a sibling comment. You kind of need some number of traders out there to make sure that market prices are honest and fair. HFT has done a great job of reducing (a) the number of people involved in trading per dollar traded and (b) the amount of money made by traders per dollar traded.

Re: Shaking Up the Diamond Industry

#36

Post by mysterydip »

irishcoffee wrote: post #11
lordnacho wrote: post #4

I still wish I'd discovered Moissanite before I got married. The rock would have been multiples larger and I'd have the satisfaction of not contributing to a monopolistic and exploitative industry.

I was fortunate enough to discover moissanite. Wife loves it, and the price was somewhere in the ballpark of 90-95% cheaper than an equivalent size diamond. The added benefit is, everyone thinks it’s a diamond and we haven’t yet felt the need to correct them...

First time I've heard of moissanite, unfortunately (7 years too late). Any recommendations on a place to shop for it?

Re: Shaking Up the Diamond Industry

#37

Post by roganartu »

mysterydip wrote: post #36
irishcoffee wrote: post #11

Earlier quoted context omitted.

I was fortunate enough to discover moissanite. Wife loves it, and the price was somewhere in the ballpark of 90-95% cheaper than an equivalent size diamond. The added benefit is, everyone thinks it’s a diamond and we haven’t yet felt the need to correct them...

First time I've heard of moissanite, unfortunately (7 years too late). Any recommendations on a place to shop for it?

It doesn't really matter, tbh. The patent for moissanite is held by Charles and Colvard, so no matter where you shop for them they will be coming from them (and should have an authenticity certificate too, btw).

Charles and Colvard has an online shop you can find by googling.

No affiliation, my wife's stone is just also a moissanite.

Re: Shaking Up the Diamond Industry

#38

Post by [deleted] »

bluedevil2k wrote: post #32
galangalalgol wrote: post #25

Earlier quoted context omitted.

Synthetic diamond will eventually become so easy the industry won't be able to supress it anymore. The collapse will be interesting, in the bloddy sense of the term I suspect.

Synthetic diamonds are not easy to produce and they take time and energy (literally). The only reason synthetics are made is because the price of real diamonds help prop up the price of artificial ones. If the market collapses, as you predict, than artificial diamonds don’t become economical to create any more. My prediction: new mines will continue to be found and real diamonds will have the same market hold they ha…

[deleted]

Re: Shaking Up the Diamond Industry

#39

Post by anonu »

vostok wrote: post #35
anonu wrote: post #17

Really cool history. Thanks for sharing this. I can imagine if you "know the truth" about the business you're in you might want to get out. I felt like that about certain financial jobs I've had in the past. The actual work felt like it provided no real value to society, but the intellectual challenges were what kept me there.

That's interesting. I actually feel quite differently about my own experience in finance. HFT is a great example mentioned by a sibling comment. You kind of need some number of traders out there to make sure that market prices are honest and fair. HFT has done a great job of reducing (a) the number of people involved in trading per dollar traded and (b) the amount of money made by traders per dollar traded.

"keeping markets efficient" is how I justified what I did. But what's that number N of market participants where N+1 brings a de minimis improvement in efficiency. I think the number of market participants (large institutional players) is already well over N. To the point where its just computers churning trades.

To be clear, nothing wrong with that. But from a personal perspective you start to question your contribution.

Re: Shaking Up the Diamond Industry

#40

Post by gowld »

lordnacho wrote: post #4

I still wish I'd discovered Moissanite before I got married. The rock would have been multiples larger and I'd have the satisfaction of not contributing to a monopolistic and exploitative industry.

As thousands know, it's not enough for you to discover it, you need to partner to discover and appreciate it, and as a couple not be peer pressured by your partner's judgmental friends, or you need to keep a lifelong secret that you might be the villain for making the ethical choice.
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