Are Diamonds a Massive Scam?steemCreated with Sketch.

in #life7 years ago (edited)

We've all been told that diamonds are a girl's best friend, and they undoubtedly have the magical property of curing your girlfriend's constant nighttime headaches as soon as you present one. Before diamonds were discovered, women only had four fingers on each hand and rappers pierced their ears to reduce wind resistance for when running from the police. But what exactly are they and why do they cost a penny almost as pretty as they are?


Wooo, sparkly!

What are Diamonds?

Unless you've been living under a rock all these years, you'll know that diamonds are a hard, transparent substance that sparkle when light passes through them. And if you have been living under a rock, first check to see if the rock is a diamond and if so, send it to me and I'll dispose of it for you free of charge.


Molecular structure of the carbon covalent bonds forming diamond

Diamonds are made entirely out of carbon atoms arranged in a crystalline lattice which gives it it's rigid form. Historically, they were considered to be the hardest natural substance although recently there has been some challenges to that claim. There appears to be no strong consensus around the latter view however, so perhaps it's a myth that it's a myth that Diamonds are not the hardest substance and they remain the hardest substance on the planet, regardless of what your boyfriend or husband would boast about himself.

Why are Diamonds So Expensive?

Diamonds are expensive for the same reasons as why anything else is expensive: good old fashion law of supply and demand...and price fixing and monopolization and manipulative advertisement and exploitation. You know, basically the same tactics I employ to maximize post payouts.

You see, diamonds aren't at all that rare; it's a myth that it's a myth that it's a myth that they are. It's scarcity is entirely artificially created. Through a series of unpredictable, haphazard and disorganized business deals during the early 1900s, which later some asshole would take credit for as a genius entrepreneurial move on his part, a single company, DeBeers, ending up acquiring over 90% of the world's diamond mines. The DeBeers cartel is in a unique position to deliberately withhold supply of the tonnes of diamonds obtained through exploitative mining in South Africa, propelling prices up. The company itself has escaped abroad to avoid antitrust legal action in the United States. Like a dog with a bone, their business practice revolves around digging the stuff out of the ground just to hide most of it again as soon as they get it.

Diamond Engagement Rings


RRP - an arm and a leg

Diamond engagement rings are also a scam. DeBeers realized that while they had all the diamonds, there was no one to sell it to, as diamonds themselves, while slightly prettier than glass if you look closely enough, don't really serve much of a purpose. So in the 1930s they started an ad campaign that encouraged everyone to forget about saving for a deposit on a house, or tuition funds for their future children, and just spend it all on a sparkly little rock instead. Otherwise, it means he doesn't love you enough. And we all bought it, yes diamonds are forever screwing us over. On an unrelated note I've bought out all the sequins factories in the world and I think nothing says 'I love you' more than spending 3 months salary on a sequin vajazzle for that truly special someone in your life.

Oh and fun fact, the largest diamond ever found was the Cullinan Diamond at over 3000 carats. This might sound like something large enough to store Han Solo in cryogenic sleep again, but it's actually just roughly the size of my fist. And if you don't know how large that is, ask your mother when you see her later - Happy Mother's Day everyone!


Image Sources 1,2,3


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Step 1: I am going to convince my wife that you are the leading expert on economics and diamonds on steemit (possibly the world!).

Step 2: I am going to break it to her that her engagement ring is a fake.

Step 3: I will wait for her to heap praise on me for being so smart and betting that would be ring money on a race horse named "Diamond"... who ran the race backwards.

Step 4: I will convince her that you are the greatest divorce lawyer...

Terrible plan. Back too the drawing board!

hahaha I don't think you'll need that great a divorce lawyer - last I checked conveniently forgetting your password to your crypto wallet right before the asset split isn't a crime...

Brilliant!!! You are an expert on everything.

New question. I have this thing that lasts more than 4 hours...

Never mind.

HAHA! thats awesome dude!

Thanks for an informative post! In my uneducated opinion, many other gemstones are more beautiful than diamonds. Looking forward to having more comedy writers on Steemit. We all need a good laugh sometimes!

Ya diamonds are pretty bland overall
Thanks a lot for your support, hopefully i'll figure it out and start it within a week and make it a weekly little thing if it catches on

Feel free to remind me if I forget. Definitely want to support that!

Well I didn't ask my mother, because ew, but I asked A mother who pointed at The Donald's creepy small hands and shuddered....hahaha!

psst I think you're missing an eye before an out ;)

haha thank you, I took an eye from this emoticon and stuck it in . )

I would highly recommend your planet's inhabitants stop wasting their money on these trinkets and invest heavily in this:

You are going to need them very soon.

By the way,there is only one diamond in the entire universe that has any value

her name is Vera.

@trafalgar I left a message for you in the comments section of my latest transmission.

Hmm but isn't your lightsabre powered by similar crystals?

It depends on how you define "similar".

Sure Kyber crystals are "similar" to diamonds... if you believe my mastery of the force is "similar" to yours.

Kyber crystals are far more valauble than your silly carbon based pieces of garbage. They are also far more awesome!

Five simple steps to becoming insanely rich while tricking everyone in the process:

  1. Find a "sparkly" natural resource
  2. Dig "sparkly" natural resource out of the ground
  3. Hoard 90% of the mines that hold my "sparkly" natural resource, In my own warehouses...Then create an artificial scarcity, proclaiming that it's rare.
  4. Market "sparkly" natural resource as a better savings than buying a house, tuition for their kids, or saying that their significant other won't love them if they don't buy them a "sparkly" natural resource.
  5. Sit back, relax, and take profits from unsuspecting victims...Sorry, I meant customers...Rinse...Repeat process all over again:)

ya exactly
plus because of the emotional connection we draw with love and romance, second hand engagement rings etc are pretty much worthless, so there's always demand for new diamonds from the mines

Unbelievable! Lol...Great informational post @trafalgar:)

Very informative and yet quite hilarious! I chortled at especially at the fist hahaha!!

thanks a lot meester, love your posts too

Value is something subjective. Diamonds became valuable due to the fact that they abide to a ceremonial token giveaway that is popular is the standard in our society - marriage.

it is but that belief is entirely created by a monopolistic company in the 1930s
diamond rings weren't really a thing before that

Well, beliefs hold strong. This is their nature. They become part of society and then it becomes extremely hard to disperse them. Romantic Love is too a meme, invented in the Romantic Era. Before that it didn't exist. Yet, look where it is today and how people go crazy over it.

interesting, glad we reached the same conclusion!

Diamonds do have amazing industrial uses, but they simply aren't that rare, and the idea that they are valuable enough to cost people their lives, is ridiculous. Decorative baubles can only have engineered demand. Let's ask Hallmark about Valentines day.

I wouldn't trade my diamond surface grinding equipment for anything else, unless I can find something better. I've found nothing better as yet.

I did downplay their utility for comedic effect, they also have certain desirable properties like being a good conductor of heat but not electricity, but yes, most of the premium they command is not due to their utility value

Agreed, most of the premium they command is that of fraud, commanded by con artists.

such an interesting point of view.

I still think mine is harder than diamond.

haha you're like a failed Wolverine experiment