Hacker News Reader

Comment by ankeshk | Hacker News Reader

DeBeers today controls 35% of the diamonds. They are not big enough any more to control and manipulate diamond prices - as they used to before. Diamond prices are still high, and rising because of the demand.

The demand in countries like India and China is rising. Diamonds and jewelry is the modern dowry. http://en.wikipedia.org/wiki/Dowry

Its inherent value is that it shows people that the family is well to do.

Things may change with the advent of artificial factory made diamonds (already showing up, but not in big quantities). But it won't ruin the diamond prices, just create two diamond categories. It should follow the trends that the pearl industry followed after the advent of cultural pearls.

Source: my Dad is a diamond trader.

View on HN

>>Diamonds and jewelry is the modern dowry

Don't know if you are an India. In India jewellery is the most ancient form of dowry.

Modern dowry is more like Cars, Flats etc.

Also the artificial diamond makers have been doing a good job of keeping their prices artificially high to match.[1] They're not selling cheap diamonds (yet) so not serious competition to the big players. A 1 carat synthetic diamond still runs like $3,000.

[1]http://gemesis.com/create/ring/diamond/

It is the demand that I am unhappy with.

Being a minimalist myself, I know where you come from. Buying something expensive just to show others that you can buy something expensive seems like a ridiculous idea to me.

But a big part of the world give a lot of importance to status and social standing. This is precisely the notion that has made money for companies like Rolex. And the haute couture fashion industry.

You must be a terrible minimalist. I don't think you actually are one.

Don't justify haute couture in a topic like this. It's terribly out of fashion.

Much later edit: I'll accept whatever downvotes are given me as long as I can say something about "Being a minimalist myself." Why did you even _assume_ that I associated myself with minimalism? My comment doesn't need to have any relevance as long as I can attack a person that attempts to pretend that _I_ want a pedigree that he thinks isn't a diamond.

Look, it's not about the rock, it's about the message: "I would hurt poor people for you." Romantic.

Reply on news.ycombinator.com