The diamond industry is a scam. Diamond has no intrinsic value.

[JuniAiko]

Diamond is made from carbon, the most abundant element on planet Earth.
It can now be easily and cheaply mass produced (e.g. synthetic diamond).

The only difference between synthetic diamonds and "natural" diamond is that the latter may possess some kind of defects.
So people are pretty much paying a premium on 3D covalently bonded compressed carbon not for the Diamond itself but for those defects (which can also be forged in a proper high-end lab).

The value of diamond has more to do with marketing which generates demand than anything else.

At least cryptocurrency have actual real-world use. BTC -- as a store of value, ETH/NEO/Stellar ICO platforms, Stellarport/BitShares (Decentralized Exchange and Banking), VeChain/NucleusVision logistics tracking and retail services enhancement, and so on..

What can jewellery grade diamond (e.g. not the cheap industrially useful synthetic ones, but those overpriced ones) do other than the hype around it from intensive marketing and media portrayal?

I predict the price of diamond will go to $100/kg

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lol of course I am kidding with the last statement and the title. But I am just drawing parallels between other commodities (using diamond as just one of many possible examples) to illustrate a point -- and to counter the massive FUDs being spread by jealous tradition financial institutes (many of them have even crashed the world economy in 2008 w/o any consequences, bailed out by tax payer's money, and the top executives used that to pay themselves huge bonuses) -- these traditional financial institutes will certainly be disrupted by the emergence and rise of cryptos, and they are now panicking and fighting back their "control" against an entity that they could not as easily manipulate.

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[R21]

Diamond is a valuable asset if you use that not an essential product I think, ticky cryptocurrency used as a currency and it's deserve a market value like other paper currencies.

[Pixyoxx]

Diamond's hype is clearly over its rareness in nature. And also on the fact that it is made of the same carbon which is available everywhere, and inly one bond (chemistry) less than the graphite used in the pencil tip used to write. These things make it so special. Also being the toughest item in the world, it attracts attention. And the design of it, without even being touched by human hands, is so spectacular and creates total internal reflection phenomenon to provide that glare which it is famous for.

Definetely its over hyped, but the asthetics are very much pleasing to eyes and a good one to show off.

[davis196]

The diamond`s intrinsic value somes from all the costs paid to produce or discover one diamond.
The diamonds are very overpriced,because the big diamond traders buy lots of cheap diamonds from Africa and they just store them.They do the same thing crypto whales do.They HODL.By creating big diamond reserves they reduce the market supply and increase the market price a lot.Everything else is just marketing and fashion.

[tanxingwo1215]

People's values are always guided.

Watches, diamonds, modern art and so on all have their industry's marketing norms.

All in all, it makes you feel valued, but when you look at the nature of things, it can be a marketing scam.

[PauloLuks]

That's not true at all, diamonds are used in some industrial sectors. For example, in marble, they use a diamond wire to cut the stone into pieces. And the wires are not so cheap, they also have a very fast wear. Diamonds as one of the hardest minerals on Earth are becoming more and more useful for processing other materials, either by cutting, grinding or polishing. Other tools and materials such as windows, surgical instruments, blades and phonograph needles all have diamond-reliant variations. Diamonds are also unique. Each diamond is different than the next one, making them difficult to value. At present, there is no spot price for diamonds, which means that would-be investors have no way to gauge the price, as prices vary from vendor to vendor.

[13abyknight]

Diamond is made from carbon, the most abundant element on planet Earth.
It can now be easily and cheaply mass produced (e.g. synthetic diamond).

The only difference between synthetic diamonds and "natural" diamond is that the latter may possess some kind of defects.
So people are pretty much paying a premium on 3D covalently bonded compressed carbon not for the Diamond itself but for those defects (which can also be forged in a proper high-end lab).

Why don't you buy some of this so called 'synthetic diamond', conduct scientific experiments on the same and prove to the world that it is actually not the naturally available allotrope of carbon? Like a wise man said, "Extraordinary accusations require extraordinary proof." and expose the so called bogus diamond industry at your will.

[yugyug]

If you think that the diamond is a scam for it was thought to be of no real-world use then we might also said that Mona Lisa painting of Leonardo Davinci is a scam too because it has no real-world applications too. Fashion, vanity, rarity and art is what makes the diamond valuable, same as an old paintings of greatest artist it has no real world application but the history and resemblance is what makes them valuable.

[omonuyak]

I believe that what make it to have intrinsic value is the ways people believe it to be and how people have create value for it.  Bitcoin has the same values no matter how some unintelligent and low reasoning people see it.  Bitcoin has a great value more than daimod and other financial instruments.

[Hydrogen]

lol of course I am kidding with the last statement and the title. But I am just drawing parallels between other commodities (using diamond as just one of many possible examples) to illustrate a point -- and to counter the massive FUDs being spread by jealous tradition financial institutes (many of them have even crashed the world economy in 2008 w/o any consequences, bailed out by tax payer's money, and the top executives used that to pay themselves huge bonuses) -- these traditional financial institutes will certainly be disrupted by the emergence and rise of cryptos, and they are now panicking and fighting back their "control" against an entity that they could not as easily manipulate.

You might be kidding but there are some potentially valid points to your satirical perspective there.  

Diamonds may be vastly overvalued within current markets. There is something known as the "blood diamond trade" whereby a decent proportion of the diamond mining industry may be built upon violence, slavery, exploitation, monopolism and abuse. Of course the media typically says nothing of this as they are too busy focusing upon more "relevent" issues like bitcoin mining "consuming too much electricity". Its almost comical how there are humans kept in slavery mining diamonds and the media will ignore it, almost as if bitcoin mining consuming electricity is more important.

Back on topic: I agree diamonds are probably overvalued. I won't pretend to know the cost of manufacturing artificial diamonds or whether diamonds have any place in toolsets in terms of carbide versus diamond tip drill bits. I think it is safe to say a lot of things are overvalued. The trouble is, neither the media, experts nor anyone in the know has any plans to inform the public as to what those overvalued assets are. This complicates things as people have become less independent over time and more reliant upon the media to keep them educated and informed.

[BillCoin]

Diamond is made from carbon, the most abundant element on planet Earth.
It can now be easily and cheaply mass produced (e.g. synthetic diamond).

The only difference between synthetic diamonds and "natural" diamond is that the latter may possess some kind of defects.
So people are pretty much paying a premium on 3D covalently bonded compressed carbon not for the Diamond itself but for those defects (which can also be forged in a proper high-end lab).

The value of diamond has more to do with marketing which generates demand than anything else.

At least cryptocurrency have actual real-world use. BTC -- as a store of value, ETH/NEO/Stellar ICO platforms, Stellarport/BitShares (Decentralized Exchange and Banking), VeChain/NucleusVision logistics tracking and retail services enhancement, and so on..

What can jewellery grade diamond (e.g. not the cheap industrially useful synthetic ones, but those overpriced ones) do other than the hype around it from intensive marketing and media portrayal?

I predict the price of diamond will go to $100/kg

---

lol of course I am kidding with the last statement and the title. But I am just drawing parallels between other commodities (using diamond as just one of many possible examples) to illustrate a point -- and to counter the massive FUDs being spread by jealous tradition financial institutes (many of them have even crashed the world economy in 2008 w/o any consequences, bailed out by tax payer's money, and the top executives used that to pay themselves huge bonuses) -- these traditional financial institutes will certainly be disrupted by the emergence and rise of cryptos, and they are now panicking and fighting back their "control" against an entity that they could not as easily manipulate.

You can't actually produce nature diamonds, the produced diamond won't be as strong as the real one, and it can be easily determined as a fake diamond.
More then that, I think that relying on gold and diamonds is not good for the long run, as the techonology is just getting better and we can't really know if gold/diamond will still be elements that it's impossible to fake them.
On the other hand we can be sure that bitcoin won't be faked at the long run as it's nature requires everybody to agree for changes.

[GoldenLad]

In my own opinion, I don't think it is,  I still believe in diamond, atleast the natural ones though. There may be fakes ones out there but atleast when one get the original ones, the value is still worth it. Its a matter of knowing the difference between the two. And no matter how cryptocurrency is taking over, Diamomds will still be among the most treasured value all over the world.

[zhangxie29152784]

In the end, diamonds are just a ritual that humans create to prove the value of something. There are a lot of things like that. For example, a luxury car, such as a name bag, for example, a diamond is only very cheap.

Bitcoin is a brand new thing. Like the Internet, bitcoin has a whole new layer of underlying technology, operating principles and applications. Masonry can only be a joke.

[apilpirman.bisnis]

Diamond have the expensive value in the world, it will be not scam and will be expensive more than the bitcoin value, ever time the diamond price always and all of people will buy the diamond how ever the diamond price, they are never mind the diamond is expensive they will buy it, but now it have difficult to looking for the diamond and buy it for our self.

[alyssa85]

De Beers (the South African consortium that controls the diamon industry) is getting concerned about all the artificial diamonds coming out of China:

http://www.scmp.com/business/companies/article/2076225/de-beers-fights-fakes-technology-chinas-lab-grown-diamonds

The arrival of lab-grown diamonds has challenged the widely-held assumption that diamond prices could only go up

The spread of synthetic diamonds in China, originally designed for industrial purposes such as oil drilling, is posing such a threat to the global diamond market that it has forced dominant player De Beers to invest tens of millions of dollars on methods to identify the man-made stones that look exactly like the real thing.

[pogiparin]

Its intrinsic value derives from its rarity. It is a precious stone and it is the hardest among all stones.

[Mometaskers]

It is uncommon but as many people have already kept saying, it was vastly overvalued. I'd have no problems with that if it were not for the fact that this trade has soaked the land with blood. The income from these diamonds allow warlords to stay in power and oppress the people.

That said, I doubt that prices would fall that fast though there seem to be more people challenging the "expected" uses. I'm hearing more couples opting for a simpler band over a diamond engagement ring (which is wise considering it practically have no resale value).

De Beers (the South African consortium that controls the diamon industry) is getting concerned about all the artificial diamonds coming out of China:

http://www.scmp.com/business/companies/article/2076225/de-beers-fights-fakes-technology-chinas-lab-grown-diamonds

The arrival of lab-grown diamonds has challenged the widely-held assumption that diamond prices could only go up

The spread of synthetic diamonds in China, originally designed for industrial purposes such as oil drilling, is posing such a threat to the global diamond market that it has forced dominant player De Beers to invest tens of millions of dollars on methods to identify the man-made stones that look exactly like the real thing.

Give them a run for their money.

[Emin90]

I think wrong lowering the dignity of the diamonds as they are decorations but I agree that prices are inflated and it's the best tool for investment. But as I said many people want diamonds and the more rare diamonds that are purchased for tens of millions of dollars.

[burner2014]

I have watched it also before that diamond really has no intrinsic value those who made the diamond ring just manipulated the people by endorsing it as a women's best friend so that woman will love it much and that the man can force to buy diamond as they thought that it has value.

[senne]

I know you are simply thinking that you can just convert Carbon to make the real diamond, but that is not possible currently and if in the future it becomes possible diamond will lose its value automatically. As it works on the principle of low production and high demand which makes it one of the rarest particle same like we see in Bitcoin. Bitcoin has sharp increasing price because of the fact of limited supply and high demand.