Why are diamonds so expensive when these are out there?

[SaltyNuts]

http://news.nationalgeographic.com/...-planet-space-solar-system-astronomy-science/

There are almost certainly planets out there that are made of diamonds or have some significant percentage of there total mass made up of diamonds. When those are eventually brought back to earth diamonds will be essentially worthless given that supply will be increased many thousand/million/billion/etc. fold. So why are they so expensive today?

 

[Jaepheth]

There are already enough diamonds on earth to make diamonds almost worthless.

DeBeers runs a monopoly though, and controls supply to artificially inflate the price.

 

[dave_the_nerd]

Why are diamonds so expensive when these are out there?

http://www.huffingtonpost.com/rohin-dhar/diamonds-are-bullshit_b_3708562.html

 

[GagHalfrunt]

Diamonds are expensive because there's an artificially created demand and an artificially controlled supply. Diamonds are extremely common and of limited value other than DeBeers managing to convince suckers to buy them.

 

[z1ggy]

Thread. Over.

 

[Chiropteran]

http://news.nationalgeographic.com/...-planet-space-solar-system-astronomy-science/

There are almost certainly planets out there that are made of diamonds or have some significant percentage of there total mass made up of diamonds. When those are eventually brought back to earth diamonds will be essentially worthless given that supply will be increased many thousand/million/billion/etc. fold. So why are they so expensive today?

I agree with the others re: the diamond cartel, but really you phrased this all kinds of wrong.

It's like asking why is an iPad Air so expensive when you know it's going to worth hardly anything in 10 years.

It's worth what it is now because... that is the price people are willing to pay, now. Prices today are not always going to be in alignment with prices hundreds of years from now.

 

[GagHalfrunt]

There are almost certainly planets out there that are made of diamonds or have some significant percentage of there total mass made up of diamonds. When those are eventually brought back to earth diamonds will be essentially worthless given that supply will be increased many thousand/million/billion/etc. fold. So why are they so expensive today?

Even if you don't understand the DeBeers diamond monopoly or the ability of a company to create a market for an intrinsically worthless product, try to think your way through the bolded part above. See if you can identify the fly in the ointment.

 

[sandorski]

People are too lazy to just go get their own.

 

[JimKiler]

They almost dumped a bunch of diamonds in the ocean the supply was so huge prior to world war 2.

 

[zinfamous]

Diamonds are expensive because there's an artificially created demand and an artificially controlled supply. Diamonds are extremely common and of limited value other than DeBeers managing to convince suckers to buy them.

Don't forget that completely perfect diamonds (more flawless than anything in nature) can be rather easily created in labs, as well.

And they are.

 

[DaveSimmons]

Yes, OP: You're correct that once we have cheap wormhole travel or warp drives it's true that diamonds will lose most of their value.

 

[shabby]

Diamonds are extremely common and of limited value other than DeBeers managing to convince suckers to buy them.

Show her that you lover her... forever and dever.

 

[DrPizza]

From a simple energy point of view, the cost of bringing back one kilogram of diamonds from some far off planet/meteor/whatever would make those diamonds even more expensive on Earth than current diamonds. Huge costs in getting out of the solar system... and it'll be even more expensive to launch from one of the nearby candidates. I think there's been talk that a planet named 55 Cancri e is most likely 15% diamond. The diamonds aren't on the surface - the surface is graphite. Thus, when you get there, you have to mine the diamonds. THEN, you've got to launch the diamonds. And, you're not going to be back within the next 20 or so generations, if you launch today. I'm not sure how you're getting a launch vehicle there - it's not like launching from the moon. It takes far more energy to launch there than it does on Earth. That is, you need a much bigger rocket than you would need on Earth. Imagine needing to not only launch a rocket here on Earth, but that rocket has to be carrying an entire, fueled rocket that's larger than the biggest rockets we've ever built.

Oh, and the surface of that planet is several thousand degrees - enough to melt any materials you make your rocket out of. Damn. Also, it's 40 light years from Earth. That round trip is going to take, ohhhhh, 6000 years if you hurry.

In the meantime, they can create all the diamonds you'd ever need in labs at a far lower expense.

 

[SaltyNuts]

So why don't they just create the perfect diamonds in a lab and sell them at lower prices than DeBeers or whatever but still at a profit?

 

[SaltyNuts]

And I'm not sure I agree with you DrPizza, sure, it might be awhile before we get those diamonds, but we will. So given the time value of money and economic logic the price should decrease today.

 

[RPD]

So why don't they just create the perfect diamonds in a lab and sell them at lower prices than DeBeers or whatever but still at a profit?

Marketing.

 

[sdifox]

Time to start building that diamond space elevator. Diamond plus carbon nanotubes ought to do it.

 

[poofyhairguy]

Marketing.

Exactly.

At first I hated the diamond racket but now I think a diamond engagement ring is the perfect purchase before marriage- it teaches the future husband how to accept that his money will be wasted on stupid shit that looks good.

 

[Red Squirrel]

Debeers has pretty much created an artificial high price to them. They are actually not as rare as you'd think, and can even be created in a lab.

They are also extreeemly dangerous and may attack at any time, and vee must deal with it.

https://www.youtube.com/watch?v=69fr5bNiEfc

 

[sdifox]

Exactly.

At first I hated the diamond racket but now I think a diamond engagement ring is the perfect purchase before marriage- it teaches the future husband how to accept that his money will be wasted on stupid shit that looks good.

:biggrin:

 

[ponyo]

Exactly.

At first I hated the diamond racket but now I think a diamond engagement ring is the perfect purchase before marriage- it teaches the future husband how to accept that his money will be wasted on stupid shit that looks good.

So true. Diamond is just the beginning. Then it's never ending designer purses and wallets. How many purses and wallets does a woman need?

 

[poofyhairguy]

So true. Diamond is just the beginning. Then it's never ending designer purses and wallets. How many purses and wallets does a woman need?

Don't forget shoes. And curtains. Freaking curtains are so expensive.

 

[GagHalfrunt]

So true. Diamond is just the beginning. Then it's never ending designer purses and wallets. How many purses and wallets does a woman need?

As many as her husband can afford. Plus a few more. It is known.

 

[Jeff7]

Not just planets, they think that a white dwarf star's cooled-off core could be a huge diamond.

Though if you tried to bring it close to Earth, the gravitational forces would probably tear Earth apart and give the diamond a ring.

So why don't they just create the perfect diamonds in a lab and sell them at lower prices than DeBeers or whatever but still at a profit?

They can, and some companies do.
Some people won't accept them though. "It's not a real diamond!"
No, it's more perfect than a natural one, and there's none of the possible human rights issues.

The diamond sent to the Hydraulic Press channel in Red Squirrel's link above was from this company:
http://www.brilliantearth.com/lab-diamonds-search/

Cultured diamonds are produced using a technological innovation that yields diamonds of exceptionally high quality and purity. Only the top two percent of natural diamonds can compare.

As for price:
- Diamonds are extremely hard and so I imagine would be difficult to process to be a well-cut gemstone. Difficulty of production can be closely correlated to price.
- If the market is offering $10 for something you could sell for $1, are you going to sell it for $1, or $9.95?

 

[-slash-]

Don't forget shoes. And curtains. Freaking curtains are so expensive.

Ugh fuck curtains:\