A while ago I checked to see how much gold actually exists in circulation. It is less than 22 meters cubed. That's it. Diamond mines regularly dump more than that in the ocean to create artificial scarcity. And at the end of the day, it is just carbon, one of the most abundant elements on the planet. Diamonds can just be produced in a lab with raw carbon, heat, and pressure. Companies even exist to make a diamond from a deceased person's ashes. Diamond value is amazingly artificial.
https://www.visualcapitalist.com/sp/chart-how-much-gold-is-i...