https://en.wikipedia.org/wiki/Veblen_good
A Veblen good is a type of luxury good, named after American economist Thorstein Veblen, for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
That said, part of the problem with lab-grown diamonds is that they’re not competing against a rare commodity. They’re competing against a powerful vertically integrated cartel. There isn’t any real diamond shortage, just a supply-side monopoly. There isn’t a natural high demand for diamonds, just a market saturated with aggressive advertising. There isn’t a wholesale diamond exchange judging the rocks objectively on their quality, just a series of elaborate marketing gimmicks and scammy sales goons trying to upsell you.
Diamonds have always been a racket. The one blessing of manufactured diamonds is that they’re no longer a racket putting market pressure on industrial grade diamond equipment. But the jewelry exists to separate gullible superficial status-fixated people from their money. Ethics was never part of the equation.
So the answer is just to buy a lab-grown diamond, and then tell everyone it’s real, because once the poors have it, it won’t be cool anymore
The issue is he cartel. Telling people “I overpaid for a blood diamond” and flashing them your big rock does nothing to undermine the cartel in the long run.
@Infynis@midwest.social has a great point. If you, the pleb, wears an artificial diamond and ruin the mood for the people who overpay for the blood diamonds, does devalue the status symbol.
It is the same reason why clothing brands fight so eagerly against cheap knockoffs, even if the knockoffs can be identified easily.
At this point you’re not paying money for a diamond, you’re paying money for a certificate.
If you want to know how much a diamond is really worth, go to any jewelry store and ask them to appraise the resell value of your natural diamond ring with certificate and all, no matter how much you paid for it, they’re probably going to tell you only the precious metal setting is worth any money, and the rock itself is utterly worthless the second you received it.
Which makes diamond a terrible symbol for love.
Considering more than 50% of marriages end in divorce, maybe a worthless symbol is fitting.
“See, our love is just like a diamond: Turns to coal under high pressure and to smoke when heated.”
Edited for facts
Diamonds turn to coal under pressure? I thought it was the other way around. i.e. formed from coal under high pressure.
The fact diamonds can burn is pretty crazy, but it makes sense since they’re mostly (entirely?) carbon.
Edit: Sorry for ruining your otherwise perfect analogy :)
I like diamonds, my wife calls me a magpie. I buy her jewelry so I get to look at it while she wears it. That being said, I only buy jewelry with artificial diamonds for my better half. She jokingly reacts affronted when I tell her, with an incredulous face she will go “What? No children died for this? Some husband you are!”
Anything to the effect of “this ring isn’t expensive enough” is the only reason you need to never marry that person.
My (former) best friend got married young, and her and her husband had rings they got at the flea market that cost about 20 bucks a piece. I always respected the hell out of her for that. Her sisters tried to make it out like it was some kind of bad omen, or like it meant they didn’t love each other. She had a lot of pressure to cave into and act like a snotty brat about the cost of the rings. She never did, and loved her cheap ass flea market ring.
She turned out to be a terrible person in a multitude of other ways, but on that note, good for her.
Use to work opposite a De Beers building that had a helipad on the roof. Choppers were always flying in and out.
Thought it was the CEO coming and going by heli, but turns out they were for diamond shipments. Safer to transport them by air than on the road.
funnily in india where most of the diamonds are grinded they are just selling them on the street like it’s some spice
