But diamonds have no scarcity. The value was created in the 20s-30s. People didn't have diamond engagement rings before then. It is a simple way to sell something expensive with just a bit of skilled work of cutting the diamond. Ask anyone who served in the military in the middle east, uncut diamonds are just sitting on the sand.
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Seriously! Thank for you bringing this up. Can't believe someone would ignore the decades of evidence that points to an artificial valuation of diamonds. Not only that, but the supply is far fro scarce. You can literally make diamonds in a lab. You could since the 90's.