What are diamonds worth, or are they really worthless?

Diamonds are not worthless, but given that they are not as rare as they have been romanticized. But given the current demand, they sure are fetching a lot of money.

Did you know that Rubies are upto 300 times rarer than white diamonds & besides fancy color diamonds, Rubies are the rarest gemstone in the world.

So, although diamonds price have been driven so high by creating scarcity rather than actual rarity, given the demand, you cannot call them worthless.

2 Replies to “What are diamonds worth, or are they really worthless?”

  1. Diamonds are worthless in that they do not have an intrinsic value. However, due to a simple supply and demand relationship we value them highly due to a very scarce supply. Imagine if diamonds would have been as abundant as, let's say, almonds. Nobody would wear them. We value scarcity because that allows us to stand apart. The more we can distinguish ourself from the rest, the more we pay.

    That being said, actually diamonds have some practical utility in industrial sector (to cut stuff). But in that case they use artificial diamonds: they don't look as pretty, but possess the same characteristics (more or less).

  2. If you’re a stone collector, you know that rare diamonds are extremely valuable.

    If you are a common man then you might feel like diamonds are worthless.

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