The Creation, Value, and Marketing of Diamonds

TLDR Diamonds are formed deep beneath the Earth's surface under extreme conditions and are the hardest naturally occurring substance. They are found in various countries and their value is determined by factors such as clarity, cut, and weight. De Beers has historically dominated the diamond trade, but synthetic diamonds have become a cheaper alternative. The marketing campaigns of De Beers have popularized diamond engagement rings and contributed to the growth of the global diamond industry. Despite their limited supply, diamonds remain a valuable commodity.

Timestamped Summary

00:00 Diamonds are made out of carbon and are created deep beneath the Earth at extreme temperatures and pressure, forming a 3D crystal lattice.
02:27 Diamonds are found in various countries around the world, including South Africa, Canada, Russia, and Australia, and can be melted and burned, but are the hardest naturally occurring substance due to the bonds between carbon atoms.
04:28 The Hope Diamond is a blue diamond with boron, green diamonds come from exposure to alpha radiation, and the clarity, cut, and carrot weight are important factors in determining the value of a diamond.
06:30 De Beers controlled 85% of the world diamond trade, and one of their first diamond mines, known as the Big Hole, was dug by hand in Kimberley, South Africa, and is now a popular tourist attraction.
08:35 Synthetic diamonds, created through high pressure and high temperature or chemical vapor deposition techniques, have become a popular and cheaper alternative to traditional diamonds, causing concern for traditional diamond miners like De Beers.
10:30 Diamond engagement rings became a tradition thanks to De Beers' marketing campaigns, which created demand for diamonds and positioned them as symbols of love, leading to a significant growth in the global diamond industry.
12:43 Diamonds are more expensive than water due to their limited supply and the global diamond trade, making them a valuable and enduring commodity.
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