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How We Were Conned into Buying Diamonds December 19, 2006

Posted by Unreasonable in Matters Financial, Uncategorized.
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603 carat diamondIn 1982 the diamond market wwas in upheaval. New large deposits were being discovered.  Prices were plummeting. The price of a 1 carat flawless investment diamond fell from $60,000 to $6,000 in five years.

In that climate Edward Jay Epstein wrote a book chronicling the story of De Beers: how they carefully controlled both the supply and demand for 100 years. The book is The Diamond Invention. You can buy it used for $145.61 or read it for free at his website.

He also wrote an article summarizing it for the Atlantic. If you’ve ever felt the pressure to buy a diamond or hoped to receive a large one, read this article. It is the textbook example of how we are manipulated to create a market for something we don’t need.

:: Edward Jay Epstein|Have You Ever Tried to Sell a Diamond?

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