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.