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Diamonds are Bullshit (2013)

blog.priceonomics.com

71–80 of 82 posts

Re: Diamonds are Bullshit (2013)

#71

Earlier quoted context omitted.

Top-end BMW is more fun. Better-sounding speakers, more comfortable seats, snappier response (not unlike SSD vs HDD seek time), etc. You might not get above 60 in the city but if you want to have fun you can take it out to the country and hope you don't get a ticket

Thank you for illuminating this for everyone.

Expensive cars have benefits to the driver which are not related to other people's perception. The same cannot be said of diamonds.

Re: Diamonds are Bullshit (2013)

#72
post #5

The real trick isn't that they get people to buy expensive rocks. The real trick is that they convinced so many of us to rebury them. Cemeteries are most certainly the richest untapped diamond fields in existence.

and gold and other heavy metals in trace ammounts

http://upload.wikimedia.org/wikipedia/commons/5/56/Two_pie_g...

Re: Diamonds are Bullshit (2013)

#73
post #28

Earlier quoted context omitted.

Not to be a dick or anything, but "diamond or hit the road" sounds like she is valuing the diamond more than you. I'm sure there was some hyperbole involved, maybe your post is actually an ironic fable, but if neither of those are true ... well, good luck!

The same could be said about someone trying to cheap out on a ring, he's valuing a couple thousand dollars over her. Its just a fiance signing bonus.

It's not him who was refusing her.

Furthermore: is't not just couple thousand dollars at stake. It's a hole in decision making that would result in permanent money leaks going forward.

Re: Diamonds are Bullshit (2013)

#74
When I was 23 (I'm 30 now) I bought my wife a $45,000 wedding ring that looks like a $45,000 wedding (if you know what I mean). It has one large center stone with two smaller stones on the side, 5ct total. It looks amazing, but...

Fucking stupid right? I thought the same thing, but I was ultra-frugal and had a hard time thinking of better things to spend my money on than making my wife happy, especially with how often I was gone (which was a lot).

I justified it to myself a few ways. First, by how much her eyes lit up when she first saw it. Second, we decided not to have a wedding because of how silly it was: pay tens of thousands for a few hours, not to mention the hassle in planning it. Third, this thing would make her smile every day for the next ~80 years. Lastly it wouldn't cause undue financial strain. I wasn't rich, but I was ultra frugal and had a comfortable amount in savings. For example I still have the same car (a now 10yr old Honda Civic) I had then. I also bought her a little ring cleaner so it always looks great because every time I see an $80,000+ car that's dirty I think, "What's the point?"

We've been married around 7 years now. Every time she looks at it it makes her smile. Everytime she looks at it she thinks of us and what we have. She still gets compliments on it all the time. How much is all that worth? How much will it all have been worth when we're in our 80's? There aren't too many ways to buy happiness, but if you could see how happy it makes her you'd see that this is one.

The interesting thing is that my wife isn't into jewelry or expensive stuff. She also has an old Honda Civic, still has the same clothes she wore in college, etc. She doesn't care about that kind of stuff and hated shopping until she was in her mid-30's and work required a change of attire. But our marriage is important to her and a wedding ring represents that for her.

If I could afford it, I would have easily paid 2-3x what I paid for the ring because it's worth it. I agree, it's stupid and it's just a rock, but it wasn't for me--it was for her and it means a lot to her. Every time I see her look at it, smile, then look at me (which she still does 7 years later) I think of how it was worth every penny.

You can buy a lot of mediocre stuff and have a lot of mediocre experiences with your wife, or you can go above and beyond with one thing that will last forever. If I bought her a $2,000 ring instead I could spend $500,000 in clothes, purses, shoes, etc. for her over 10 years and none of it would make her as happy as this thing does. It's the only thing that she always wears.

What kind of ring did I get you ask? I got a ~$25 ring from Walmart.

Re: Diamonds are Bullshit (2013)

#75
post #3

The punchline is the second to last paragraph: > Today, De Beers hold on the industry supply chain is less strong. And yet, price continue to rise as new deposits haven’t been found recently and demand for diamonds is increasing in India and China. For now, it’s less necessary that the company monopolize the supply chain because its lie that a diamond is a proxy for a man’s worth in life has infected the rest of the…

There are very real and noticeable differences between a $30k and $90k BMW other than top speed. There are NOT noticeable differences between a $30k diamond and a $3k moissanite stone. A better analogy would be $100 "professional HDMI cable" and a $10 standard HDMI cable.

Honestly I am not sure how you can't tell the difference between moissanite and diamond. It's pretty obvious. It's much harder to distinguish diamond and CZ.

Re: Diamonds are Bullshit (2013)

#76
post #58
post #27

Earlier quoted context omitted.

> There are NOT noticeable differences between a $30k diamond and a $3k moissanite stone My wife and I felt the same way too, until we actually compared them. The sparkle and brilliance in the diamond was dramatically better than any other stone we compared it to. We went into ring shopping pretty determined to not get a diamond, and yet still bought one.

Which stones did you compare it to? The stones available in the shop? That's the problem -- there are cheaper alternatives that have a shine comparable to diamonds, but not very widely available in brick and mortar stores. You were kind of had by salesman gimmicks.

This is rich. The whitest moissanite is still going to be obviously doubly refractive, pretty limited in cut options (make terrible step cuts for example) and is generally an inferior substitute to the vastly cheaper common CZ. If you are upset that the value of diamond is all in branding, then run to moissanite, which actually IS sold exclusively by a monopoly until this August...

Re: Diamonds are Bullshit (2013)

#77

Earlier quoted context omitted.

There are very real and noticeable differences between a $30k and $90k BMW other than top speed. There are NOT noticeable differences between a $30k diamond and a $3k moissanite stone. A better analogy would be $100 "professional HDMI cable" and a $10 standard HDMI cable.

Moissanite doesn't even get that expensive. My 1ct stone was $400, and I compared it to $300 low quality white sapphire all the way to $15k loose diamonds of a similar size when shopping. I think the biggest problem is that most people have not seen moissanite in person, and don't realize that it can compare very favorably (if not more so) to a diamond. Glad to say I've managed to sway a couple of my friends so far o…

It certainly is sparklier, but it looks "off." Which is fine. It's not a good diamond substitute. It has its own charm.

Re: Diamonds are Bullshit (2013)

#78
post #22

Earlier quoted context omitted.

There are very real and noticeable differences between a $30k and $90k BMW other than top speed. There are NOT noticeable differences between a $30k diamond and a $3k moissanite stone. A better analogy would be $100 "professional HDMI cable" and a $10 standard HDMI cable.

Even worse is what De Beers has done to try making synthetic diamonds inferior to "natural diamonds" - https://news.internetstones.com/de-beers-iidgr-holds-synthet... (They designed a special machine to make the synthetic diamonds fluoresce under certain wavelengths of UV light.) Personally I think a synthetic diamond is better than a natural one, but IFLS.

I don't think it's better yet, but it's getting there. The cost is still super high, what's available on the market hasn't been great cuts so far, etc. Soon though.

Re: Diamonds are Bullshit (2013)

#79
post #22

Earlier quoted context omitted.

There are very real and noticeable differences between a $30k and $90k BMW other than top speed. There are NOT noticeable differences between a $30k diamond and a $3k moissanite stone. A better analogy would be $100 "professional HDMI cable" and a $10 standard HDMI cable.

Even worse is what De Beers has done to try making synthetic diamonds inferior to "natural diamonds" - https://news.internetstones.com/de-beers-iidgr-holds-synthet... (They designed a special machine to make the synthetic diamonds fluoresce under certain wavelengths of UV light.) Personally I think a synthetic diamond is better than a natural one, but IFLS.

I don't think it's better yet, but it's getting there. The cost is still super high, what's available on the market hasn't been great cuts so far, etc. Soon though.

Re: Diamonds are Bullshit (2013)

#80

Earlier quoted context omitted.

Thank you for illuminating this for everyone.

Expensive cars have benefits to the driver which are not related to other people's perception. The same cannot be said of diamonds.

That's a pretty narrow definition of "benefit."
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