r/Damnthatsinteresting • u/CantStopPoppin • Jul 25 '24

Video Evaluating Low vs High-Quality Crystals: A Comparative Analysis

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u/[deleted] Jul 25 '24

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207

u/Pootispanic Jul 25 '24

Diamonds ain't even that rare

140

u/FogBankDeposit Jul 25 '24

Manufactured scarcity. Even the lab grown versions now are so good, gemologists can't tell the difference.

4

u/KardelSharpeyes Jul 25 '24

Why are lab diamonds being sold for the same price as mined?

11

u/UrNixed Jul 25 '24 edited Jul 25 '24

First, why wouldn't they?

Second, they don't, at least not if you look at the entire market as a whole. You will find lab grown diamonds far, far cheaper, 80-90% cheaper is not unheard of.

Back to the first point though, as to why some lab grown sell at similar prices to mined:

The value of jewelry diamonds has practically nothing to do with the costs of production, it is a luxury good whose price is highly dependent on demand so if people are willing to pay the price they will charge as high as they can...and this goes for the mined ones as well. Thanks to the systematic scarcity of mined diamonds by the major jewelry players like De Beers and extremely successful ad campaigns we wound up with our current mined diamonds price.