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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 2 months 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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[-] boreengreen@lemm.ee 4 points 2 months ago

Neat! Let it come down to it's real value.

[-] Kolanaki@pawb.social 3 points 2 months ago* (last edited 2 months ago)

Are they able to lab grow the same kind of gem quality diamonds that you usually think about when it comes to jewelry, or is it still mostly industrial applications (such as diamond tipped drill bits)?