Prompt Cast
The Truth About Diamonds: They're Not as Rare or Valuable as You Think
TLDR Diamonds are not as rare as they are made out to be and do not appreciate in value due to the lack of an aftermarket and the influence of the diamond cartel. De Beers tightly controls the diamond market, but their monopoly has decreased since other countries started mining diamonds independently, and man-made diamonds are becoming so similar to real diamonds that even experts can't tell the difference.
Timestamped Summary
00:00
Diamonds have a false market and do not appreciate in value due to the lack of an aftermarket and the influence of the diamond cartel.
04:45
Diamonds are made of carbon and are not rare, but form under specific conditions of high heat and pressure deep beneath the Earth's surface, and are then pushed towards the surface through volcanic eruptions.
09:34
Diamonds can be found in Kimberlite rocks, as well as in alluvial diamond sites or river beds, and they are not as rare as they are made out to be, with major sites found in Russia, Borneo, Australia, Canada, Brazil, Venezuela, and Africa.
13:50
Diamonds are cut using techniques such as cleaving, sawing, and brooding, and can only be cut with other diamonds due to their hardness, which is described on the Mohs scale.
17:55
Diamonds are cut using techniques such as cleaving, sawing, and brooding, and can only be cut with other diamonds due to their hardness, which is described on the Mohs scale.
22:13
Diamonds come in a range of colors, including black, yellow, pale green, pink, and white, with colored diamonds being the most rare and expensive.
26:35
De Beers tightly controls the diamond market, allowing only 200 licensed buyers to purchase diamonds from them through 10 sales a year, which has led to their control over the price of diamonds, although their monopoly has decreased since other countries started mining diamonds independently, and they also used clever marketing to create the perception that diamonds are rare and precious.
31:01
The Kimberly process, which is supposed to ensure conflict-free diamonds, has flaws and does not account for human rights abuses by legitimate governments, leading to the possibility of conflict diamonds being sold as legitimate diamonds, but one way to guarantee a diamond is not a blood diamond is to buy synthetic diamonds like cubic zirconia or Moisonite.
35:42
Man-made diamonds are becoming so similar to real diamonds that even experts can't tell the difference, leading to the creation of machines to determine authenticity, and the De Beers company has acquired a majority stake in the diamond industry.
40:44
The podcast episode ends with a listener's story about pickpocketing and a promotion for other content on the website.
Categories:
Society & Culture
