promotion image of download ymail app
Promoted

How come the global diamond market is in the hands of a few?

Why don't different govts join hands to make the business consumer centric?

8 Answers

Relevance
  • Zirp
    Lv 7
    9 months ago
    Favorite Answer

    Because free markets never stay free for long. Competition has winners and losers. Losers go out of business, winners acquire (semi-)monopolies.

    A relatively high amount of jews went into diamonds - a few centuries ago - because a lot of other occupations were legally off-limits to them

    • Commenter avatarLogin to reply the answers
  • 9 months ago

    The diamond cartels (and yes, they're actually called cartels) have worked very diligently to monopolize the industry, while fooling persons world wide into believing that diamonds, which was insanely common, should be held to some great value. To add to that, they maintain a special interest group to pressure the government into preventing cheaply created manufactured diamonds from flooding the market, despite those diamonds being of equal or better quality than ones that are mined.

    There's actually quite a few solid podcasts about this... or you can watch Adam Ruins Everything's episode on marriage.

    • Commenter avatarLogin to reply the answers
  • 9 months ago

    If people knew the amount of diamonds still in the ground and the market was not artificially limited, a 10 ct diamond would retail for about $100.

    • Commenter avatarLogin to reply the answers
  • Anonymous
    9 months ago

    It's not like there's a huge demand for them anymore anyway. Millennials arent buying diamond rings. It's just a shiny rock that's been price gouged. Maybe the boomers would fall for it and waste several months of their salary saved up on one in the hopes that she'll say yes, but that's a very materialistic idea of love. The newer generations aren't falling for the diamond scam. It's insane to believe this was once normal. Seriously, you shouldn't have to waste that much money on a rock. Theres better and cheaper ways to do it, save that money for a vacation or something. If your SO demands that you spend thousands on a diamond ring, then she definitely isn't worth marrying.

    • Commenter avatarLogin to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    9 months ago

    Diamonds are overrated anyway.

    • Commenter avatarLogin to reply the answers
  • Anonymous
    9 months ago

    It's always been that way. African countries were invaded due to the decision of a few so that the diamonds could be stolen, creating wealth for a few.

    • Commenter avatarLogin to reply the answers
  • Anonymous
    9 months ago

    ask yourself . when you inflate the jews against muslims , well there's collateral damage too

    • Commenter avatarLogin to reply the answers
  • Anonymous
    9 months ago

    I think you accidentally typed an f instead of a j.

    • Commenter avatarLogin to reply the answers
Still have questions? Get your answers by asking now.