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Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!

 
clovis
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08/14/2013 07:16 AM
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Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Diamonds are a pain in the ass (luckily I've never purchased one)!! Effective marketing and smart business are the only reasons for their success. It's true, they really are a bullshit!!!! WTF else is new?

Snip-

Americans exchange diamond rings as part of the engagement process, because in 1938 De Beers decided that they would like us to. Prior to a stunningly successful marketing campaign 1938, Americans occasionally exchanged engagement rings, but wasn’t a pervasive occurrence. Not only is the demand for diamonds a marketing invention, but diamonds aren’t actually that rare. Only by carefully restricting the supply has De Beers kept the price of a diamond high.

Americans exchange diamond rings as part of the engagement process, because in 1938 De Beers decided that they would like us to. Prior to a stunningly successful marketing campaign 1938, Americans occasionally exchanged engagement rings, but wasn’t a pervasive occurrence. Not only is the demand for diamonds a marketing invention, but diamonds aren’t actually that rare. Only by carefully restricting the supply has De Beers kept the price of a diamond high.

A diamond is a depreciating asset masquerading as an investment. The market for them is neither liquid nor are they fungible.

The next time you look at a diamond, consider this. Nearly every American marriage begins with a diamond because a bunch of rich white men in the 1940s convinced everyone that its size determines your self worth. They created this convention - that unless a man purchases (an intrinsically useless) diamond, his life is a failure - while sitting in a room, racking their brains on how to sell diamonds that no one wanted.

With this insight, they began marketing diamonds as a symbol of status and love

Here’s how De Beers has controlled the diamond supply chain for most of the last century. De Beers owns most of the diamond mines. For mines that they don’t own, they have historically bought out all the diamonds, intimidating or co-opting any that think of resisting their monopoly. They then transfer all the diamonds over to the Central Selling Organization (CSO), which they own.

The CSO sorts through the diamonds, puts them in boxes and presents them to the 250 partners that they sell to. The price of the diamonds and quantity of diamonds are non-negotiable - it’s take it or leave it. Refuse your boxes and you’re out of the diamond industry.

For most of the 20th century, this system has controlled 90% of the diamond trade and been solely responsible for the inflated price of diamonds. However, as Oppenheimer took over leadership at De Beers, he keenly assessed the primary operational risk that the company faced:

"Our only risk is the sudden discovery of new mines, which human nature will work recklessly to the detriment of us all."

Because diamonds are “valuable”, there will always be the risk of entrepreneurs finding new sources of diamonds. Although controlling the discoverers of new mines often actually meant working with communists. In 1957, the Soviet Union discovered a massive deposit of diamonds in Siberia. Though the diamonds were a bit on the smallish side, De Beers still had to swoop in and buy all of them from the Soviets, lest they risk the supply being unleashed on the world market.

Later, in Australia, a large supply of colored diamonds was discovered. When the mine refused to join the syndicate, De Beers retaliated by unloading massive amounts of colored diamonds that were similar to the Australian ones to drive down their price.

We covet diamonds in America for a simple reason: the company that stands to profit from diamond sales decided that we should. De Beers’ marketing campaign single handedly made diamond rings the measure of one’s success in America. Despite its complete lack of inherent value, the company manufactured an image of diamonds as a status symbol. And to keep the price of diamonds high, despite the abundance of new diamond finds, De Beers executed the most effective monopoly of the 20th century. Okay, we get it De Beers, you guys are really good at business!


[link to blog.priceonomics.com]
pEacE, cLovIs
nah

User ID: 39685812
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08/14/2013 07:23 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Diamonds are for losers.
When you find a piece of shit along side the road and you poke it with a stick, what do you expect to find inside of it, gold?
No, it's just going to stink more.
IntoTheLight

User ID: 45080901
United Kingdom
08/14/2013 07:32 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
If I want diamonds, I will buy a pencil and squeeze it very hard.


I'm pretty sure this will work.


I'm a scientist.


But not a very bright one.


groucho
6 months UK then 6 months USA.

I disapprove of what you say, but I will defend to the death your right to say it.
Anonymous Coward
User ID: 44465940
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08/14/2013 07:37 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Diamonds are like cars; as soon as you leave the retailer, all their value has vanished. Then you're seemingly left paying on them for what seems like an eternity. And when you divorce, you don't even get the fucker back. Diamonds are trouble!!

bump
clovis  (OP)

User ID: 44768680
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08/14/2013 07:43 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Diamonds are like cars; as soon as you leave the retailer, all their value has vanished. Then you're seemingly left paying on them for what seems like an eternity. And when you divorce, you don't even get the fucker back. Diamonds are trouble!!

bump
 Quoting: Anonymous Coward 44465940


Sounds like you have firsthand experience AC! Feel for you partner!!
pEacE, cLovIs
Angelic_Warrior

User ID: 23290196
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08/14/2013 07:53 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Interesting how we have a ring not only on our finger but in our nose as well.


The synthetic diamonds are so brilliant these days why spend $10,000 on something the average person would never know wasn't real.

Although I think the real deal holds it's value well if the setting is quality.
But the natural man receiveth not the things of the Spirit of God: for they are foolishness unto him: neither can he know them, because they are spiritually discerned.
I Corinthians 2:14

God doesn't choose favorites.. They choose HIM

It is not the greatness of my faith that moves mountains but my faith in the greatness of God
Anonymous Coward
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08/14/2013 07:57 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Diamonds were marketed to the middle and working classes as a gem of the elite, a status symbol.

Clever marketing made the regular Joe and Jane buy into them.

If you to be classy, different... you go for birthstones, other sorts of gems, etc.

Jewelry in general is a waste but people like shiny things, as if they were monkeys or something.
nah

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08/14/2013 08:03 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Jewelry in general is a waste but people like shiny things, as if they were monkeys or something.
 Quoting: Anonymous Coward 45124984


Or old crows, those birds are just as ugly as monkeys.
When you find a piece of shit along side the road and you poke it with a stick, what do you expect to find inside of it, gold?
No, it's just going to stink more.
clovis  (OP)

User ID: 44768680
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08/14/2013 08:27 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Jewelry in general is a waste but people like shiny things, as if they were monkeys or something.
 Quoting: Anonymous Coward 45124984


Or old crows, those birds are just as ugly as monkeys.
 Quoting: nah


Well, we are led to believe that we come from monkeys...... Like diamonds, just another hoax imho!

Last Edited by clovis on 08/14/2013 11:43 AM
pEacE, cLovIs
clovis  (OP)

User ID: 44768680
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08/14/2013 08:58 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
bump
pEacE, cLovIs
Anonymous Coward
User ID: 45127918
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08/14/2013 09:55 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
" Don't understand about diamonds, or why men buy them, whats so impressive about diamonds except the mining? "

-Fiona Apple

I think people that want diamonds so badly are funny. They whine and cry for a chunk of useless crap. I very much like raw crystals though. Herkimer diamonds are very pretty.
Anonymous Coward
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08/14/2013 10:02 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
Herkimer diamonds can only be found in one place in the whole world. Herkimer NY. That means that something geologically unique happened there at some point in history which happened nowhere else. I find this really amazing.
clovis  (OP)

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08/14/2013 11:44 AM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
bump again
pEacE, cLovIs
InTheHood

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08/14/2013 11:55 AM

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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
There are rare diamonds worthy of investing in and holding onto, but the average Jane/Joe will NEVER be able to afford it, more like the monarchies and billionaires...I agree, diamonds are pretty, flashy, status symbol, but horrible investment for average Jane/Joe. They'd be better off buying the knock-off for "show" and taking the $$$$$ and buying themselves a few nice gold coins for safe-keeping.

My DH already knows, no crappy jewelry, let's go to the coin store or gun show, or tack shop, anything but crappy "for-the-masses" jewelry!
InTheHood

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08/14/2013 12:07 PM

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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
BTW: I'm still a girly-girl, love some of the crappy jewelry, flashy-shiny, you know the crows like the flash and trash, just won't buy it, because I know it won't hold it's value no matter how "pretty" it looks.

Now if I were a multi-millionaire or had $$$$$ to burn, I'd probably buy some of it, but I would keep the GOOD stuff in at home in the safe.

But the poor guys, look most women out there, they are going to want the flash ok? You're not going to work around this. When I was younger, I too wanted the flashy bling-bling, it took age, education and the school of hard knocks to change my value system and it didn't happen overnight. I was part of the herd...separation came later :)
Anonymous Coward
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08/14/2013 01:38 PM
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Re: Diamonds are BULLSHIT!!!!! Don't do it gentlemen!!!
The only diamonds I have, are my diamond's coated drill set. Good blink bling.





GLP