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Old 09-17-2012, 01:34 PM   #1
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Time to bet against the diamond industry?

It seems the russians just revealed they found the mother of diamond deposits back in the 70s, but kept it a secret until now:

http://news.yahoo.com/russia-reveals...131212873.html

"The resources of super-hard diamonds contained in rocks of the Popigai crypto-explosion structure, are by a factor of ten bigger than the world's all known reserves, Mr. Pokhilenko said. We are speaking about trillions of carats."
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Old 09-17-2012, 02:01 PM   #2
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Diamonds were rare in the 1800's, but with the advent of gasoline and diesel for motive power, they became un-rare. DeBeers did a fantastic job of convincing the world otherwise.
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Old 09-17-2012, 02:21 PM   #3
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I agree --- DeBeers is setting the market price which is based on nothing. (Kind of like USD... )

I've bought a few diamonds here and there as jewelry for my wife, but if I can, I like to stick to estate diamonds. That's the only deal in diamonds.

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Old 09-17-2012, 02:42 PM   #4
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One of my first jobs was in a department store warehouse. A perk of the job was discounts in the store that included a 50% discount on all jewlery. I asked one of the guys who worked in the jewlery section how the store could afford to do this. He told me they still made a nice profit on sales to employees because the store only paid 10-20 cents on the dollar compared to sale price!
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Old 09-17-2012, 04:27 PM   #5
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Originally Posted by ancona View Post:
Diamonds were rare in the 1800's, but with the advent of gasoline and diesel for motive power, they became un-rare. DeBeers did a fantastic job of convincing the world otherwise.
yeah, once they killed off everyone in the world who sold diamonds and convinced us that "diamonds are forever...." best advertising campaign in mankinds history...

somehow (fortuitously) my wife figured out they were worthless before I met her...
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Old 09-17-2012, 04:30 PM   #6
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Originally Posted by ADK View Post:
I agree --- DeBeers is setting the market price which is based on nothing. (Kind of like USD... )

I've bought a few diamonds here and there as jewelry for my wife, but if I can, I like to stick to estate diamonds. That's the only deal in diamonds.

ADK
yeah, not to be a prude, I bought my wife a diamond ring once and chiseled a hole in a one foot by one foot by four foot long leaf pine beam (we had a saw mill) and wrapped it for Christmas. She couldn't even budge it....

now long leaf pine, THATS worth more than precious stones....
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