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Diamonds Are Forever, Comrades

by MoneyMagnetMagnate
12 replies
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Russia has just declassified news that will shake world gem markets to their core: the discovery of a vast new diamond field containing "trillions of carats," enough to supply global markets for another 3,000 years.

Russia reveals shiny state secret: It's awash in diamonds - CSMonitor.com
  • Profile picture of the author LarryC
    Wouldn't that lower their value, being less scarce?
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    • Profile picture of the author seasoned
      Originally Posted by LarryC View Post

      Wouldn't that lower their value, being less scarce?
      Adding to what others said, most people really don't want diamonds. They want CUT diamonds. A 1 carat diamond, cut well, could EASILY out value 10 carats of uncut diamonds. HECK, various industries probably burn through MILLIONS of carats of diamonds every year. LITERALLY, due to grinders, drills, etc... They may waste 50-60% just for a cut diamond.

      To have any real value at all, a diamond has to be big enough, shaped right, and just the right imperfections. THEN someone may pay a lot to have a chance to cut it and, if cut right, they will get a lot. Otherwise, they will have stuff that may sell for a fraction of what they paid.

      Steve
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  • Profile picture of the author MoneyMagnetMagnate
    Have You Ever Tried to Sell a Diamond? - Edward Jay Epstein - The Atlantic
    An unruly market may undo the work of a giant cartel and of an inspired, decades-long ad campaign...
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  • Profile picture of the author Dan Grossman
    Meh. There's a reason they've known about the diamond field for 40 years but haven't done a thing with it. It was formed by meteor impact, so all the diamond is mixed with glass and other materials it's near impossible to separate from. Even if you do pull out the diamonds, they're tiny, barely jewelry grade -- suitable for those "bling teeth" rappers like, but not big enough to put in an engagement ring.
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  • Profile picture of the author HeySal
    Diamond is used in lapidary so there is industrial use for them even if they don't make it to the lucrative jewelry markets. There are several fields of Diamonds........that are only industrial quality.
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    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

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  • Profile picture of the author seasoned
    BTW the article....

    Gigantic Diamond Field Could Revolutionize Industry | Business | The Moscow Times

    Says that these are INDUSTRIAL GRADE diamonds! That means that the size, shape, and/or imperfections are such that they are VIRTUALLY WORTHLESS for jewelry! It won't drive down the cost of diamonds one bit! It MIGHT drive down the cost of INDUSTRIAL diamonds, but they are ALREADY so low!

    Steve
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  • Profile picture of the author MoneyMagnetMagnate
    Funny - they haven't even mined them yet, and they're already upping the price :rolleyes:
    Russian asteroid crater revealed to be filled with over $1 quadrillion of diamonds | Technology News Blog - Yahoo! News
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  • Profile picture of the author Jim Gillum
    And my wife wants to fly to Russia...
    Is my bank account in trouble?
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    • Profile picture of the author MoneyMagnetMagnate
      Originally Posted by Jim Gillum View Post

      And my wife wants to fly to Russia...
      Is my bank account in trouble?
      I think soon your bank account will be in ruble!


      (or in rubble...:rolleyes
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  • Profile picture of the author mukluknation
    Diamonds are a joke. Thank God I have a girlfriend who feels the same way and would rather invest our $ into something more useful or more personal to our relationship.
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  • Profile picture of the author glen2020
    Hope the Price will raise another level if they hold the stock.
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