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Old 01-04-2011, 09:40 PM
 
Location: Austin, Texas
2,756 posts, read 5,258,915 times
Reputation: 4606

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I just wanted to get some opinions on an amazing factoid I learned the other day, and see if you guys are as outraged and baffled by it as I am.

A guy who I'm training at the gym (I'm a personal fitness trainer) works for the USGS here in Austin. He has his Master's degree in Geochemistry from Rice University and has been working in the field for about 12 years. He has been on five of the seven continents plying his trade and serving as a consultant to various energy exploration & drilling comapnies.
He told me this: The general public and consumer has been lied to for many years about the value of diamonds. They are not really a precious stone, and in fact are very, very common. After all, they simply come from pressurized carbon, which is one of the most prevalent substances on the planet. Diamonds, he said, turn-up all the time when they drill for CBM (coal bed methane, which sits on top of the coal beds) as well as oil. As far as their value, he said, diamonds are actually far, far, cheaper to process than other "precious" stones like rubies, sapphires, emeralds, and topaz. He went on to say that in reality diamonds should be priced along the lines of turquoise.
We have all been duped for many decades. Energy exploration companies are paid by diamond wholesalers to keep their mouths shut about what they find, and then are also subsidized for their drilling costs by these diamond buyers.
What say you?


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Old 01-04-2011, 10:54 PM
 
Location: God's Gift to Mankind for flying anything
5,162 posts, read 10,472,822 times
Reputation: 3969
Quote:
Originally Posted by DrummerBoy View Post
We have all been duped for many decades.
While you are in a *check this stuff out* mode, find out what happened to all the diamonds that were in the USSR, when it opened up to the world.
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Old 01-05-2011, 05:20 AM
 
Location: Londonderry, NH
41,505 posts, read 49,538,721 times
Reputation: 24548
Unless they are drilling for methane in Kimberlite pipes they are very unlikely to find diamonds of any kind. I agree that the "gem quality" diamond market is rigged by the suppliers to maintain high prices. I do not agree that they are found away from the host material except as placer deposits.
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Old 01-05-2011, 05:31 AM
 
Location: Texas
42,203 posts, read 49,740,662 times
Reputation: 66975
I say I thought this was common knowledge.
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Old 01-05-2011, 08:13 AM
 
4,981 posts, read 7,758,835 times
Reputation: 2859
It's not that they don't have a nice sparkle to them... they do. But it's that they are indeed overpriced because of advertising promotions. We can thank De Beers for starting the slogan, "Diamonds Are Forever", and hammering it into popular culture. And there's the on-going push of the notion that you're a worthless cheapskate if you give your bride-to-be anything less than a diamond ring. You might as well just give her a cigar band to wear.
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Old 01-05-2011, 10:20 AM
 
Location: Tyler, TX
15,194 posts, read 17,683,182 times
Reputation: 7980
Diamonds are worth whatever people will pay for them.

A Gucci handbag probably costs less than $5 to manufacture. People pay much more than that for them, though. Is Gucci doing something wrong?

If you think that diamonds are overpriced, don't buy any. Nobody "needs" to own diamonds, so this is a non-issue.
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Old 01-05-2011, 10:47 AM
 
14,777 posts, read 34,490,118 times
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Google "DeBeers"

/thread
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Old 01-05-2011, 02:18 PM
 
7,376 posts, read 12,524,711 times
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when i was a kid i once tried to make a diamond buy putting some charcoal from my dads BBQ in one of those things in my dads garage that gets tighter as you turn the bar(cant rememebr name of it) It didnt work for those wondering.

And as far as the value of a diamond, the value of an item is based on what someone is willing to pay for it and thats all i have to say about that.
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Old 01-05-2011, 08:00 PM
 
Location: Somewhere in northern Alabama
16,840 posts, read 51,286,023 times
Reputation: 27647
I've known about this for years. Manufactured market. There are a lot of industrial grade ones, a lot less nice natural ones, and diamonds and other gems are fairly straightforward to make in labs. The computer you are using started out as a silicon "gem" made to exacting specifications in the lab.

FWIW, the mining of silver is enough that the market price of the metal is driven up by other factors as well. Gold is fairly rare.
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Old 01-06-2011, 12:02 AM
 
Location: 3rd rock from the sun
3,858 posts, read 5,958,161 times
Reputation: 1806
Your woman's desire will always null route your logic.
Resistance is futile. Go with the flow.
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