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this post was submitted on 01 Jun 2025
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Futurology
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Excellent. One of Israels biggest exports is finished gemstones. I hope they are crushed.
they don't mine them. just process them. not sure it's lowering the cost of raw diamonds will change the processing cost.
its morning and haven't had my coffee, so I'm on instinct. I feel like it would lower the cost.
The processing cost is negligible compared the sales prices. Same as the cost of raw diamonds.
Diamonds are mostly a scam to part people from their money for literally a shiny rock.
it is, but if they maintain a monopoly, then cheaper raw diamonds will only increase profit.
although I'm assuming cheap synthetic diamonds are processed in other places.
Yeah, that's what I mean. People have been overpaying for diamonds for a very long time, mostly because they buy a diamond specifically because it's expensive.
A diamond isn't 1000x better at being a shiny piece of glass on top of an engagement ring than e.g. a cubic zirconia. But it's about 1000x better at showing that you paid 1000x the amount of money that you would have paid for a cubic zirconia.
And because of that, if the price of raw diamonds drops, the price of processed diamonds won't change significantly, because the production cost of e.g. a diamond ring doesn't matter for the asking price.