Once cut, polished, and set in jewelry, diamonds value increases exponentially. Once finished, the jewelry and loose stones are sold to retailers across the globe. At first glance this seems to be a straightforward production model of supply and demand, but the truth is much more complicated. Diamonds are, in themselves, not very valuable...
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Diamonds are, in themselves, not very valuable. Apart from the utility inherent in the hardest substance known to man, diamonds have no value apart from their pleasing ascetic qualities. The diamond industries’ advertisements stress the beauty and scarcity of diamonds, and creates demand in the market by linking them to romance and marriage (Campbell)...
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