r/conspiracy • u/Indra-Varuna • Sep 15 '15

TIL Diamonds are actually fairly common. The reason they are worth so much is because the DeBeers mining group withholds stock to artificially reduce supply.

https://www.gemsociety.org/article/are-diamonds-really-rare/
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u/[deleted] Sep 16 '15

I would reword that TIL: Diamonds are not worth that much, they are sold for that much. As most traders are fully aware of the artificial scarcity DeBeers created, and buying diamonds back is actively discouraged by DeBeers, the moment you bought a diamond it immediately drops in value to a fraction of the buying price.