Quick Notes:
Topic: Choosing Diamonds = Choosing Profession
First of all, the article that I had went through had gained me some new perspective on relate the reason behind why diamonds are still so valuable nowadays even the supply are so substantial. We have the common understanding that when there is a constant demand of certain commodity, and the supply went up like crazy, the price should drop to a pit. However, this does not happen to diamonds. In the first 18 years of 21st century, mankind had mined more diamonds than the total combined before 21st century! Therefore, the supply and demand concept does not really applicable here. Surprisingly, there was a news in 2012 whereby west Siberia found a diamond mine which can sustain the demand for around 3,000 years for the global market. This is another crazy finding and yet the price has not dropped but still climbing.
Supply demand itself cannot explain such phenomena but the article provides another perspective to explain. Diamonds have these three characteristics that may contribute to such attribute of price maintaining at a certain high level.
1 - Diamonds are stable mineral that can sustain in appearance which make it a suitable mineral as jewelry.
2 - Diamonds are mineral with reasonable mass. If diamonds are too dense, heavy, big in size, then it will not become the first choice of becoming a well accepted jewelry as it is hard to become wearables.
3 - Diamonds mining output is reasonably stable in quantity (not too much and not too little). If it is too much, then it definitely becomes less value like purple diamond. On the other hand, if it has too little quantity available in the market, then it may not become a mass acceptable luxury item and not known to many with its rarity. When there is less transaction, the value will be relatively lesser too.
So how does diamond become so successful even with its supply being limitless technically. This can be explained through its social network. First of all, diamond has become the metaphor of eternity love. The perception has embedded to the majority mindset and it is also irreplaceable in some sense. Thus, when there are more people using diamonds to express love, it will be like a wild fire spread around the globe. Another mechanism that makes diamonds irreplaceable is the standardization of quality. There are very clear standards to refer for different range of Diamonds and this had become a creditable system for diamonds to become an investable items for gift and even collection.
Therefore, when we come to choosing profession like being a doctor, lawyer, architect, engineer or any other professionals, it is like diamonds, you find them in abundance but with the creditable system to regulate the profession, those skills will always be relevant and a demand for the people. Again, there are different range of price for the same category of service and customer could be paying more to get more detailed, resourceful and engaging professionals to work with.
The article summarized three points on profession choosing which give me a new perspective to understand the positioning of my architectural design skills to be use in the market.
1 - The skills will always be a demand for people as it is applicable to many situations. For example, architecture design skills can be applied not only on buildings but interior spaces, furnitures, electrical fittings, landscaping, culinary items and more! These demand is always there throughout the mankind history and thus the skill will always be relevant no matter how many the supply.
2 - The profession itself is a craft. Therefore, it is more about consistent practice to further the craftsmanship rather than one off learning to become a master. This also applies on entrepreneurship too! Therefore, the more we practice, the better we are to provide a certain services in our profession. In terms of replaceability, when we are at certain height, there will be less competitors around as not many can be consistent for so long.
3 - While we can always further our skill sets, there is also the regulatory system that ensure that the profession is in its best quality. Without such credible system, the profession will definitely dies off as no one can trust such service to be genuinely beneficial to the consumers.
Lastly, this had assured me to continue further my knowledge on what I love and planned to do. The more I gained and built, the better chance I could grab a larger piece of the pie of the market share. Back to the topic, the statement of there is oversupply of doctors in my local context will become a false statement after reading this article. It is just that the supply cannot be distributed to the point of demand. Besides, doctors can always fine tune their skill sets to become more competent and offer more sophisticated service for the people.
So what do you think of your own profession or skill set? Do you feel that it is like how we treat diamonds? Share with me your thoughts.
This is a learning notes series of mine for subscribing to Dedao App, which is a learning App available on iOS and Android. If you are able to understand Chinese and an avid learner, this app is definitely a thing for you! I was using this app since it was launched and I had greatly benefited by following the courses offered. This year, I would like to improve myself by increasing my output which is through doing study notes. I will be perfecting the notes day by day and my resolution is to make 365 notes this year every day (if missed like today, I will be putting up for the missed days).
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Diamond is indeed valuable resources given to us by mother nature.
I love how you relate set of skills and profession to diamond and mining diamond.
Each individual has a different set of qualities thus signifies the differences between its worth.
But, one thing for sure is that, no matter how we look at it, diamond has always had its own value be it small or big, rare or norm. Same as an individual, we will always have our own value no matter how different each individual choose to do, to be and when even choosing their profession.
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Thanks for dropping by @robmojo! True, for us individually, no matter what size or type of diamonds we are, as long as we polish ourselves well, we shine like any other diamonds 😎
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