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Diamonds Are Bullshit

blog.priceonomics.com

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Re: Diamonds Are Bullshit

#741

Post by transitionality »

stephengillie wrote: post #42
jpdoctor wrote: post #26

Earlier quoted context omitted.

The carbon is a proxy (which is missed in the article, among other things.) It's social signaling. Or to put it another way: How many $$ can your man throw away without incurring pauperhood?

So this becomes a social competition to see who can waste the most resources? It sounds like it has barbaric roots -- who can provide the most food / kill the biggest animal / lift the heaviest rock / travel the fastest / find the rarest material / pay someone else the most money to do so. You'll never find an end to the people who are willing to provide the same product for a higher price.

De Beers enjoyed a monopoly on the market for a long time, so the prices were pretty much standardized across the entire marketplace. Yes, you could obviously find someone willing to sell you diamonds for more than what De Beers charged, but nobody would believe that you willingly paid more than "market rate". "Market rate" in this context refers to De Beers' monopolistic pricing, not actual market rate, which is actually peanuts because diamonds are in fact very common.

Re: Diamonds Are Bullshit

#742

Post by transitionality »

learc83 wrote: post #737
transitionality wrote: post #733

Earlier quoted context omitted.

Both can be faked equally easily, given equivalent verification mechanisms. Without the help of professional services, a layman can be easily fooled in either context. However, if the layman is going to get the diamond appraised by a professional, then the same standard should be applied to the other task. One can likewise use professional services to accurately determine a person's net worth. My point remains.

To get a ring appraised you can walk into a jewelry store and pay $100 without the person who bought the diamond knowing about it . That is simply not possible to do with a bank statement, there is no equivalent easy to use affordable service.

Of course it's possible. Private detectives can procure an insane amount of information on anyone, often using quasi-legal means like social engineering of the target or "favors" from friends on the police force.

Given equivalent conditions, the two tasks are equally easy.

Re: Diamonds Are Bullshit

#743

Post by Nursie »

n09n wrote: post #713
Nursie wrote: post #621

Earlier quoted context omitted.

Respect for something you are or something you do is not the same as respect for something you buy.

Earning money and buying things with it is something you do, no less than climbing a mountain or writing a play.

That's not the point though. If anything is worth the respect of your peers there it's what you do to earn the money, not shiny rocks that you spend the cash on.

Re: Diamonds Are Bullshit

#744

Post by transitionality »

tsotha wrote: post #349
Archio wrote: post #155

Earlier quoted context omitted.

> I would not want her to marry someone who wasn't willing to give her a ring That seems like a really shallow and material evaluator of the character of a human being. > People who buck social conventions sometimes become trend-setters and are incredibly successful for it, but more often just make life harder on themselves and the people that depend on them Well thank God that Jackie Robinson, Marie Curie, or Barack…

>That seems like a really shallow and material evaluator of the character of a human being. You've completely missed his point. It's about knowing when it's not worth the effort to buck society's dictates. >Well thank God that Jackie Robinson, Marie Curie, or Barack Obama didn't believe this. http://www.google.com/imgres?imgurl=http://rollingout.com/wp...

He's obviously talking about these people challenging social norms careerwise.

Re: Diamonds Are Bullshit

#745

Post by triplesec »

uvdiv wrote: post #705
triplesec wrote: post #687

Earlier quoted context omitted.

Look up, for example, why top Napa vineyards go for low yields. It's also basic chemistry. There is a finite number of nutrients in the soil, and the plant can make a finite amount of such things out of these nutrients (like phenols in the grape skins and... er.. this is not my subject, but I can look it up again myself should I have to).

Look up, for example, why top Napa vineyards go for low yields. I tried and failed (wikipedia) -- can you point me to something informative? I don't know what I'm looking for. There is a finite number of nutrients in the soil, and the plant can make a finite amount of such things out of these nutrients (like phenols in the grape skins and... er.. this is not my subject, but I can look it up again myself should I have…

When i have a moment I"lk try to find a source.. In the eanwhile, this is the book to get by the ultimate wine scientist http://www.ucpress.edu/book.php?isbn=9780520275195

Re: Diamonds Are Bullshit

#747

Post by Nursie »

keecham wrote: post #683
ttcbj wrote: post #612

Earlier quoted context omitted.

From my perspective, this comment has some truth, but is a little off also. When I was single, I found the Epstein article compelling. Then, I met the right woman, and I realized the article missed the point. If a woman you love feels good because you got her a diamond ring, then the diamond has served its purpose (to communicate that you listened to what she wanted, and got it, and that she is important). I listened…

Exactly. No matter the cause of WHY diamonds seem to be valued so highly in societal worth, the fact is, well, they are. You COULD not get your wife a diamond ring, you COULD not take her out for Valentine's day because it's a made-up holiday, you COULD not get her a Christmas present because you think it's a commercial holiday, etc. But... well good luck with that.

I know lots of people that don't do anything couple-ish for valentines day, it's becoming more and more common to ignore it.

Re: Diamonds Are Bullshit

#749

Post by SeanDav »

kyrra wrote: post #132

(person I know) worked for GE (General Electric) on their industrial diamond production process back in the 90's, and I got to hear lots of fun stories from this. Diamonds that are man-made[1] are stronger (fewer imperfections) than those that are mined from the earth. Because of this, industrial diamonds tend to be man-made. (for reference, industrial diamonds when cutting hard materials, such as metals). While work…

Pretty much if you buy a diamond you are a victim of a rather successful campaign that De Beers have been running for decades in order to limit the availability of diamonds and create an artificial scarcity.

De Beers should have been investigated for cartel / monopoly practices but they just too well politically and economically connected.

They are bit like the American Rifle Association only on steroids and then some. Rather untouchable.

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