Live data from Hacker News

The diamond world takes radical steps to stop a pricing plunge

bloomberg.com

31–40 of 619 posts

Re: The diamond world takes radical steps to stop a pricing plunge

#31
post #3

I would like to take this moment to thank https://diamondssuck.com/ for preventing me from buying my wife a diamond, and getting her a much prettier moissanite instead. It's been on hn's front page several times.

I understand what he’s saying, but he doesn’t get it.

Get what?

Re: The diamond world takes radical steps to stop a pricing plunge

#32
post #4

Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Even or I should say especially brand names like Tiffany. The whole thing is a scam from start to finish and I wish I could go back in time and avoid the entire thing.

> Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Does that mean you can buy one second-hand at a low price, and avoid the inflated market entirely?

Yes, we got used 1920s (or 40s, I forget which) diamond matching (engagement/wedding) rings from a local jewellery market for ~5% of the cost of the equivalent spec ring if it were new. It was in immaculate condition and my wife adores them still 15 years later.

Re: The diamond world takes radical steps to stop a pricing plunge

#33
post #4

Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Even or I should say especially brand names like Tiffany. The whole thing is a scam from start to finish and I wish I could go back in time and avoid the entire thing.

> Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Does that mean you can buy one second-hand at a low price, and avoid the inflated market entirely?

There’s specifically no market for them somehow. I tried to look but the only places I could found that sold them was at pawn shops.

Re: The diamond world takes radical steps to stop a pricing plunge

#34
post #16

It's about time. Even more useless than gold. Hopefully it's next, though at least it's somewhat fungible and has a small industrial use.

Also you can’t make gold in a lab

A Needless Pedanticism, that is only technically correct if you mean gold that won’t kill you

We can make gold in the lab.

It’s radioactive gold but still gold.

Edit, actually i think in the 1980s Seaborg might have created stable gold out of bismuth, but just might have. The articles aren’t mentioning which isotope was created so I don’t know. Mercury to gold is radioactive isotopes, which is the one I’d known about.

Re: The diamond world takes radical steps to stop a pricing plunge

#35
post #32

Earlier quoted context omitted.

> Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Does that mean you can buy one second-hand at a low price, and avoid the inflated market entirely?

Yes, we got used 1920s (or 40s, I forget which) diamond matching (engagement/wedding) rings from a local jewellery market for ~5% of the cost of the equivalent spec ring if it were new. It was in immaculate condition and my wife adores them still 15 years later.

[dead]

Re: The diamond world takes radical steps to stop a pricing plunge

#36
post #8
post #4

Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Even or I should say especially brand names like Tiffany. The whole thing is a scam from start to finish and I wish I could go back in time and avoid the entire thing.

Jewelry isn’t an investment, it’s conspicuous consumption. That said there’s really no reason to buy new unless it’s a custom made piece.

Gold jewelry is very easily an investment. The artisan work on them only increases the cost by 10-15% on the underlying value of the gold (at least in India).

Re: The diamond world takes radical steps to stop a pricing plunge

#37
There was a time when diamonds were rare. That's not the case anymore. What's amazing is how successful de beers controlled the supply and, by effect, the price. They completely controlled it for at least 80 years. Looks like man-made diamonds finally broke the weakening lock and I doubt they will ever regain it. Eventually, they will fall to the point of cost of making or mining them plus a small margin. Name brands will be able to charge a premium but not what was possible when they had a monopoly. They are luxury items in the same way a designer bag is so don't expect to get your money back.

Re: The diamond world takes radical steps to stop a pricing plunge

#38
post #4

Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Even or I should say especially brand names like Tiffany. The whole thing is a scam from start to finish and I wish I could go back in time and avoid the entire thing.

> Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Does that mean you can buy one second-hand at a low price, and avoid the inflated market entirely?

Yup got my wives ring from a pawnshop cheap

Re: The diamond world takes radical steps to stop a pricing plunge

#39
post #4

Has anyone ever tried to sell an engagement or wedding ring with diamonds? You get cents on the dollar. Even or I should say especially brand names like Tiffany. The whole thing is a scam from start to finish and I wish I could go back in time and avoid the entire thing.

I bought my partner's diamond and wedding ring set before we were hip to the shenanigans around diamonds. We had the ring melted down to make a pendant for our child with the diamond (which they'll receive when they're an adult) and no longer wear wedding rings (mine was a ~$20 tungsten ring from Amazon luckily). Thousands of dollars wasted in hindsight. Hot take: Diamonds are scams, don't buy them! Take a trip, buy…

Wedding bands have some utility though as if you get a gold one, you’re always carrying a small amount of gold to barter with.

Re: The diamond world takes radical steps to stop a pricing plunge

#40
post #8

Earlier quoted context omitted.

Jewelry isn’t an investment, it’s conspicuous consumption. That said there’s really no reason to buy new unless it’s a custom made piece.

Gold jewelry is very easily an investment. The artisan work on them only increases the cost by 10-15% on the underlying value of the gold (at least in India).

The market for Cuban links can be significant.
Post reply on HN