This is a response blog post to Betty Ye’s “What Do You Really Know About Diamonds?”
Diamonds are one of the beautiful, but expensive gem stones in the world. Everyone knows that it’s expensive. I agree to her blog post, because DeBeers marketing strategy is amazing, they were able to manipulate the entire country, and even the world after that, to make people believe that diamonds are rare and are necessary to give them in rings for a proposal.
Interestingly, during an ECON 101 lecture, professor Gateman talked about a same topic. He mentioned how diamonds are called “precious” because they are expensive and a little bit shiny. Would people really buy diamonds if they became cheaper? I think people are buying diamonds for their “snob appeal” (as professor Gateman mentioned later on.) People buy diamonds because everyone knows that they are expensive. What if they become cheaper? Would people still buy them? Or, is what Betty Ye is writing is right? Are the diamond market really restricting the flow of supply to create an artificial “rarity” to diamonds and skyrocket its prices?
Which one is the diamond and which one is the cubic zirconia (20times cheaper than diamonds)?
The right one is the diamond.