This in the context of a global diamond industry experiencing a profound structural crash driven by an oversupply of cheap lab-grown stones, plunging natural diamond prices, and major corporate distress, where skyrocketing lab production from China and India, tumbling retail and wholesale valuations, and widespread mine closures are creating a massive supply of diamonds indiscernible from those dug out of the ground...
Good. Let the diamond industry burn. It's the world's shittiest business. Artificial scarcity, market manipulation, money laundering, bribery and human slavery all rolled into one package.
It is NOT the world’s shittiest business… There are multi billion dollar businesses that directly incentivize and profit from human trafficking at scale. There are countless (100,000+) persons (mostly young women) who are forced to make degrading sexual “content” and otherwise pleasure men on cam sites and places like onlyfans. These young women largely reside in low income countries where human trafficking flies under the radar.
Also gambling companies (like the two big ones that Donald Trump jr is a board member for)
Some time back during my engineering career I had occasion to work with folks at the company out in Utah on a machinery project that was founded by the guy who invented the process and equipment for making lab grown diamonds in the 1950's at Bell Labs in the USA.
What I learned from those fellows is that you could tell the difference between lab grown and natural diamonds because most all natural diamonds have in internal flaw that a gemologist can spot. Traditionally these flaws were documented for expensive diamonds as a way to identify them.
I was told by them that lab grown diamonds are flaw free, and a couple of decades ago, there was little or no market for them as gemstones because DeBeers had a world wide monopoly/cartel going. I found it all fascinating. To be honest, they did not pursue gemstone production and stuck to industrial diamond production.
I reckon a smarter old bastard would have seen the inevitable destruction of DeBeers stranglehold and cheap production in Asia coming.
Not that I really care. I'm one of those humans who find the residual glorification of "precious metals" and gemstones to be pretty hilarious. They all have industrial uses, but somehow we humans have put the "value" of jewelry for decorating ourselves into the stratosphere. They truly are the ultimate "whatever you can get somebody to pay is what they are worth" example of human folly.
Yes, people have made tons of money investing in them. or parking money in them to maintain value, but their value comes from a fabricated and marketed demand, and I find humor in that. Might as well be tulip bulbs.
And spare me the things like "gold is valuable due to it's properties as a metal." Yep, that's true, but the industrial value for contact plating and such is not what props up gold value as a commodity,. And the need for a low temperature malleable metal to form chalices out of is long past. Same for industrial diamonds, they have use and value, but again, that's not what props up the market value.
The interesting thing with gold is that it has been valued by many different societies throughout history. Cultures that developed independently all ascribed great value to gold. I think there is something inherent in it that appeals to human. I can look at metal or diamonds and not be that amazed by them (especially considering diamonds are nothing until they've been cut which is an entirely creative human process), but when you see a bar of pure bullion there is something about it - the color, the shininess.
It does not rust or even tarnish at all, which is pretty unique. It's also extremely dense so you can't mix it with other metals without it being detected.
SO basicylly China figures out the Diamonds are needed to chip cooling , so they started making them for cheap, which made Dimonds cheap than ever in history.
One day they will also come up with a way to make gold too !
We already know how to make gold. Gold is an atom with 79 protons in its nucleus. Add a couple of protons to another atom, or subtract a couple of protons from a larger one, and you'll get gold. It's just a question of profitability.
There are interesting thermonuclear reactor projects that would create gold from mercury, and that would be cost-effective. But for now, these are just theoretical developments.
Mining for diamonds in this day and age is straight up stupid and a waste of resources compared to lab-grown ones which are critical to high-technology as the money going towards it feeds back into material science research which other industries depend on for breakthroughs.
> where skyrocketing lab production from China and India
i believe india is actually hurting from the cheap lab grown stones. india cuts 80% of the global mined diamonds. that's a lot of jobs about to be lost.
I thought the lab grown diamonds are almost perfectly flawless which is how they identify them? That and mined diamonds have small inclusions that give them away except for the rare perfect one.
Also, Russia is bleeding cash due to their war (that they could end any time they wanted). There is a reason they started selling off their gold reserve as well.
LOL Putin's a broke bitch. I don't know if it's dementia or just the smoke his entire administration blows up his ass out of fear, but he is the epitome of the Emperor With No Clothes. He's huffing his own farts like Chanel No. 5 and everyone around just agrees they are rose scented.
After listening to a LOT of commentary from academics about Russia it’s just amazing how insanely broken their entire culture is. There is very little value to human life for many Russians. The absolute corruption in just the military is astounding. Commanders in charge of important infrastructure projects, weapons procurement, or anything else vital has its funds siphoned off. It’s just crazy over there. And they are being outsmarted at every turn by Ukraine. I’m curious if the elites will turn on him as a collective and oust him.
Russias entire history of warfare is chocked full of losses and yet they continue with the exact same playbook never learning from history.
Carbonaraficionada | 10 hours ago
This in the context of a global diamond industry experiencing a profound structural crash driven by an oversupply of cheap lab-grown stones, plunging natural diamond prices, and major corporate distress, where skyrocketing lab production from China and India, tumbling retail and wholesale valuations, and widespread mine closures are creating a massive supply of diamonds indiscernible from those dug out of the ground...
BigReference1xx | 8 hours ago
Good. Let the diamond industry burn. It's the world's shittiest business. Artificial scarcity, market manipulation, money laundering, bribery and human slavery all rolled into one package.
Wus10n | 5 hours ago
Dont forget child labour and Environmental damage
greenroom628 | 5 hours ago
I will dance on DeBeers grave if it happens.
Suspicious_Place1270 | 5 hours ago
invite me, too, I'll gladly join and make a party out of it
Viva_La_Revolucion- | 5 hours ago
Oh im doing way more than that... Its going to be a public restroom
Runfasterbitch | 5 hours ago
It is NOT the world’s shittiest business… There are multi billion dollar businesses that directly incentivize and profit from human trafficking at scale. There are countless (100,000+) persons (mostly young women) who are forced to make degrading sexual “content” and otherwise pleasure men on cam sites and places like onlyfans. These young women largely reside in low income countries where human trafficking flies under the radar.
Also gambling companies (like the two big ones that Donald Trump jr is a board member for)
big-papito | 8 hours ago
"Diamonds are forever" was the biggest marketing con ever, and it worked.
abfgern_ | 7 hours ago
Yeah, easily Connery's weakest Bond film
AbsoluteScott | 2 hours ago
Best villains tho.
_PROBABLY_CORRECT | 7 hours ago
Personally this was the best description I’ve ever seen: https://m.youtube.com/watch?v=FtSnjGKx9_k&ra=m
a_library_socialist | 8 hours ago
Yup - https://www.youtube.com/watch?v=N5kWu1ifBGU
saml01 | 8 hours ago
Diamonds were never rare to begin with and Debeers company deserves every bit of their fate.
Words words words words words words words words
jimmycarr1 | 8 hours ago
I don't think you need the words if you're not the top level comment
Beneficial-Lime-3517 | 7 hours ago
Just to be safe
Words words words words words words words words words words
Areat | 2 hours ago
What's that for, supposedly?
mCopps | 7 hours ago
To be fair they saw the way the wind was blowing and cashed out a few years ago.
oldbastardbob | 6 hours ago
Some time back during my engineering career I had occasion to work with folks at the company out in Utah on a machinery project that was founded by the guy who invented the process and equipment for making lab grown diamonds in the 1950's at Bell Labs in the USA.
What I learned from those fellows is that you could tell the difference between lab grown and natural diamonds because most all natural diamonds have in internal flaw that a gemologist can spot. Traditionally these flaws were documented for expensive diamonds as a way to identify them.
I was told by them that lab grown diamonds are flaw free, and a couple of decades ago, there was little or no market for them as gemstones because DeBeers had a world wide monopoly/cartel going. I found it all fascinating. To be honest, they did not pursue gemstone production and stuck to industrial diamond production.
I reckon a smarter old bastard would have seen the inevitable destruction of DeBeers stranglehold and cheap production in Asia coming.
Not that I really care. I'm one of those humans who find the residual glorification of "precious metals" and gemstones to be pretty hilarious. They all have industrial uses, but somehow we humans have put the "value" of jewelry for decorating ourselves into the stratosphere. They truly are the ultimate "whatever you can get somebody to pay is what they are worth" example of human folly.
Yes, people have made tons of money investing in them. or parking money in them to maintain value, but their value comes from a fabricated and marketed demand, and I find humor in that. Might as well be tulip bulbs.
And spare me the things like "gold is valuable due to it's properties as a metal." Yep, that's true, but the industrial value for contact plating and such is not what props up gold value as a commodity,. And the need for a low temperature malleable metal to form chalices out of is long past. Same for industrial diamonds, they have use and value, but again, that's not what props up the market value.
Think_Lengthiness_52 | 2 hours ago
The interesting thing with gold is that it has been valued by many different societies throughout history. Cultures that developed independently all ascribed great value to gold. I think there is something inherent in it that appeals to human. I can look at metal or diamonds and not be that amazed by them (especially considering diamonds are nothing until they've been cut which is an entirely creative human process), but when you see a bar of pure bullion there is something about it - the color, the shininess.
graycode | an hour ago
It does not rust or even tarnish at all, which is pretty unique. It's also extremely dense so you can't mix it with other metals without it being detected.
epSos-DE | 6 hours ago
China saved the world once again.
SO basicylly China figures out the Diamonds are needed to chip cooling , so they started making them for cheap, which made Dimonds cheap than ever in history.
One day they will also come up with a way to make gold too !
Agreeable_Effect938 | 5 hours ago
We already know how to make gold. Gold is an atom with 79 protons in its nucleus. Add a couple of protons to another atom, or subtract a couple of protons from a larger one, and you'll get gold. It's just a question of profitability.
There are interesting thermonuclear reactor projects that would create gold from mercury, and that would be cost-effective. But for now, these are just theoretical developments.
Areat | 2 hours ago
Is mercury abundant, though?
Creepyfaction | 30 minutes ago
Mining for diamonds in this day and age is straight up stupid and a waste of resources compared to lab-grown ones which are critical to high-technology as the money going towards it feeds back into material science research which other industries depend on for breakthroughs.
Virtual-Alps-2888 | 3 hours ago
We really need to stop with this conspiracy that China is the saviour of the world.
IArgueForReality | 7 hours ago
Good
Suspicious_Place1270 | 5 hours ago
mine closures are good, at least there the slave workers will not have to go die in a mine
GhillieRowboat | 5 hours ago
Well, it perhaps is the last decade where "real" diamonds are actually worth something.
sicklyslick | 4 hours ago
> where skyrocketing lab production from China and India
i believe india is actually hurting from the cheap lab grown stones. india cuts 80% of the global mined diamonds. that's a lot of jobs about to be lost.
Zepcleanerfan | 2 hours ago
So russia is pawning its jewelry
SonofaBridge | 4 hours ago
I thought the lab grown diamonds are almost perfectly flawless which is how they identify them? That and mined diamonds have small inclusions that give them away except for the rare perfect one.
TenderfootGungi | 2 hours ago
Also, Russia is bleeding cash due to their war (that they could end any time they wanted). There is a reason they started selling off their gold reserve as well.
Iron_Baron | 3 hours ago
LOL Putin's a broke bitch. I don't know if it's dementia or just the smoke his entire administration blows up his ass out of fear, but he is the epitome of the Emperor With No Clothes. He's huffing his own farts like Chanel No. 5 and everyone around just agrees they are rose scented.
Phedis | an hour ago
After listening to a LOT of commentary from academics about Russia it’s just amazing how insanely broken their entire culture is. There is very little value to human life for many Russians. The absolute corruption in just the military is astounding. Commanders in charge of important infrastructure projects, weapons procurement, or anything else vital has its funds siphoned off. It’s just crazy over there. And they are being outsmarted at every turn by Ukraine. I’m curious if the elites will turn on him as a collective and oust him.
Russias entire history of warfare is chocked full of losses and yet they continue with the exact same playbook never learning from history.