Gold as medium is absolete for quite a while already. It has value for its properties though. Diamonds are ultimately absolete as they have almost no utility at all hence being just a bloody way to make rich richer selling this vanity item.
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Diamonds are far from obsolete as they are heavily used in industry; mainly as a cutting remidy, but also in a range of testing tools, like Vickers, Rockwell hardness test for instance, which requires larger single diamonds.
I believe you are refering to natural diamonds, which is inferior to industrial created diamonds in purity, and a price-level kept sky high by cartel regulations and very successful advertisement campaigns over decades. For those diamonds, I do agree with you. That is one bloated price-bubble I'd like to see pop as soon as posible.
Yes, I am referring to natural diamonds exactly. But i believe that this bubble won't pop as easily and so many people will continue to be exploited, crippled and killed in their mining.
I share your concern, and do not expect a sudden implosion either. There is also alot of people already "invested" in this gem - further reinforcing its position.
If you are looking for faster changes; play on peoples feelings, not reason. That's "not my cup of tea" though.
I totally agree with you on this one.
Diamonds are very useful. We use them all the time in engineering as cutting tools.
They are grossly overvalued though.
I doubt you are using natural diamonds in your cutting tools.
90% of all mined diamonds are used by industry.
Not every diamond is clear enough to be jewellery grade.
Are you saying that you are using diamonds in your tools, that had been dug in conflict zones?
It is impossible to find any sort of data or traceabilty for diamonds used in tooling because it is not one single gemstone like the jewellery industry.
It is a fine diamond powder which is bonded to a steel tool.
Having said that industrial grade diamond is so cheap compared to gem quality I would guess there is no need to cut corners and deal with dubious dealers.
My initial thinking was that industrial grade diamonds are mostly artificial.
If dubious dealers come in to possession of low grade diamonds, would they not offer a deal?
It's hard to believe that mines with poor ethical practices ONLY sell the highest quality diamonds. That's a weird concept.