[spetznaz]

The value of a diamond should be very low, even with existing (tappable) supplies. They are however strictly controlled to create the impression of a demand overhang, and marketing has additionally been quite effective in making diamonds seem rare (De Beers old marketing campaign was gold). Diamonds are actually not rare, and if stocks were released inimpeded prices would plummet. A tanzanite or tsavorite Stone, for example, is significantly rarer than a diamond of the same quality and carat.

And no - I am not against diamonds. Got my now wife an engagement ring that could buy a good car, and I find stones lovely, but I am cognizant that diamonds aren’t what most people think they are.

[simpson96]

Dittos.

So many people have been bamboozled into thinking diamonds are worth their high price.

[jonno]

Ron White on DeBeers & diamonds:
https://www.youtube.com/watch?v=RrYB-ZvIuPE

[Sgt_Schultze]

DeBeers actually knows the jig is up on their scam. Here is a link to a recent story describing how they are now embracing manufactured diamonds as an alternative product line.