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Lab-grown diamonds have helped diamond prices plunge 60%, and former monopolist De Beers is in crisis mode. One day asteroid mining will do the same for gold. (futurology.today)
submitted 1 week ago by Lugh@futurology.today to c/futurology@futurology.today
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Diamond prices are down 60% since a 2011 high, and they are still falling. It's not all down to lab-grown diamonds, demand is down too, especially in China.

No one can lab-grow gold yet, so its rarity and scarcity protect its value, but that will end too. It's just a question of when. China launched an asteroid touch-down mission this week, which will make it the 4th country/region to do so, after Europe, the US & Japan.

How soon will it be feasible to mine asteroids? Who knows, but a breakthrough in space propulsion might mean the prospect happens quickly when it does. It's possible gold has twenty years or less of being high value left.

The $80 Billion Diamond Market Crash Leaves De Beers Reeling

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[-] Speculater@lemmy.world 33 points 1 week ago

Have we even confirmed there are asteroids made of gold yet?

[-] Ledericas@lemm.ee 1 points 5 days ago

Asteroid might remain too expensive if it's even possible, with rocket fuel, mining equipment in space,etc

[-] Ledericas@lemm.ee 1 points 5 days ago

Good source of iridium, which is rare on earth

[-] GreyEyedGhost@lemmy.ca 33 points 1 week ago
[-] Rubisco@slrpnk.net 34 points 1 week ago

Surely there exists a better source. Not clicking on Fox News.

[-] chocosoldier@lemmy.blahaj.zone 33 points 1 week ago* (last edited 1 week ago)

Here is an archived snapshot I found of the Fox article

At the bottom it says the story originally ran in The Sun, here is a snapshot of that page as well.

I followed the other user's snarky DDG link and the first hit is this article from Smithsonian Magazine that appears to be about the same story.

Finally, here is a far less sweaty page from NASA about the actual object, though the composition of metals isn't discussed in detail.

After skimming all this I kinda feel like it's a stretch to say that asteroid is "made of gold".

[-] GreyEyedGhost@lemmy.ca 17 points 1 week ago

I think "enough gold to completely destroy the gold industry (as a precious metal)" is close enough to "made of gold" for me.

[-] Rubisco@slrpnk.net 6 points 1 week ago

Love you

[-] M137@lemmy.world 6 points 1 week ago

Do you not understand the offense you just did by linking to fucking fox news? Seriously?

[-] GreyEyedGhost@lemmy.ca 10 points 1 week ago

Pearls in pig slop, I know. They reference another article, give the asteroid name, give a list of expected metals to be found, and wrap it in a lovely Fox News bow of some pundit giving his idea of what that all means for the rest of us. As journalism goes, it's top tier for Fox.

[-] Clinicallydepressedpoochie@lemmy.world 8 points 1 week ago* (last edited 1 week ago)

Surprised fox didnt comment how this is against the natural order and bringing back gold from space will unleash a hoard of demons on the earth.

this post was submitted on 01 Jun 2025
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