What runs through your mind when I say, "Diamonds are worthless?"

[jvLin]

http://www.theatlantic.com/doc/198202/diamond

That article, titled "Have You Ever Tried to Sell a Diamond," hit me pretty hard. I stopped buying diamonds altogether. They''re not worthless, but reading that article was truly a rude awakening for me.

What do you guys think? Agree or disagree?

 

[fleur-de-lis]

Date: 9/27/2009 1:11:50 AM
Author:jvLin
http://www.theatlantic.com/doc/198202/diamond


That article, titled 'Have You Ever Tried to Sell a Diamond,' hit me pretty hard. I stopped buying diamonds altogether. They're not worthless, but reading that article was truly a rude awakening for me.


What do you guys think? Agree or disagree?

Well, I did notice that the article was written in 1982, and predicted that diamonds would be worthless by the mid-eighties. As it's now 2009, I'd say there are at least *some* flaws in the author's work.

That said, there is a speculative nature to gems' valuations, and I think it serves the contemplative types well to be aware of that phenomenon. But if you had to ask me which would be worth more in 10 years, a diamond purchased for $10,000 today, a car purchased for $10,000 today, or $10,000 worth of circa 2009 plasma tvs for all the major rooms in the house, and I'd guess the diamond would have retained the highest percentage of its value. Personally, I have never purchased jewelry with a mind towards investment; I acquire it for my own use and enjoyment.

 

[gwendolyn]

First thought was that, of course, to some, they are completely worthless because they serve no purpose other than to decorate--except of course to people like robotics engineers who grind them up and use them on blades to cut things with extreme precision. Then they are quite useful.

But you don''t really mean that. You mean to ask if they gain in value, which no, they don''t. Does that stop me wanting some? No. They aren''t an investment; they are an indulgence. And I don''t ever expect to make money off my indulgences.

 

[Tuckins1]

Some people collect baseball cards... some collect old barbie dolls... to each his own. It's not worthless if it means something to you. And if you are buying diamonds as an investment, in order to make money off of them later, then yes you should stop buying them NOW.

 

[EyeElle]

We''ll "technically" its true.
There is nothing to a diamonds itself. Diamonds are extremely common, when uncut its not very nice at all, and there are thousands of beautiful coloured stones whereas diamonds are essentailly just white, or as some refer to them as glass rocks.

The reason diamonds have any value today is because society puts value on it. You pay not for the diamond itself but for the cut of it, the polish, symmetry etc .... because if it weren''t for any of those things, no one would want a diamond as its not very appealing on its own.

The shine you get in todays diamonds, the fire shots everything, is based on what a skilled person can do with it, and not the diamond itself.

However when I got engaged only a diamond will do lol

 

[AprilBaby]

I didn''t buy for investment, but rather for enjoyment, so to me...a worthwhile purchase!

 

[Beacon]

I often review the gems listed at auction at Sotheby''s and Christies. They sure don''t go for pennies!!

I think there is a big difference between the resale on a low quality small stone and a large, rare, fine stone. I certainly have seen many items sell for much more than they were originally purchased for, but these are generally signed pieces strongly characteristic of the time period in which they were made, for example Cartier art deco items.

Therefore it seems hard to say that all diamonds are worthless.

 

[Skippy123]

I kind of agree but I like EM

Hey, that goes for cars too!

 

[mochi]

"LIAR!"

Oh, I''m sorry, I''ve been watching too many presidential speeches lately..

 

[kenny]

Agreements!

Enough people agree that diamonds have worth, so the DO have worth.

Separating what is real or true vs. agreements is a very fascinating subject.



Now, I knew before I bought a diamond that I could not sell it for anything near what I paid for it.

I bought it anyway.

Not everyone who buys diamonds is ignorant of their resale value.
But I can certainly understand how upset the ignorant ones would be if they found out after buying a diamond and having to sell it.

 

[Cehrabehra]

They are not worthless because people have deemed them worthy. Their inherent value is grossly exaggerated on the market, but if people are willing to pay it, then that gives it value.

 

[Nomsdeplume]

Worthless to some, but not most.

 

[ladypirate]

Date: 9/27/2009 4:41:30 AM
Author: gwendolyn
And I don''t ever expect to make money off my indulgences.

Gwen, you would make a terrible medieval catholic priest!

 

[gwendolyn]

Date: 9/27/2009 3:36:08 PM
Author: ladypirate

Date: 9/27/2009 4:41:30 AM

Author: gwendolyn

And I don''t ever expect to make money off my indulgences.

Gwen, you would make a terrible medieval catholic priest!

LOL! Think I might have to sig that, m''dear.

 

[AGBF]

Date: 9/27/2009 2:51:11 AM
Author: fleur-de-lis

Well, I did notice that the article was written in 1982

I remember when it came out . This is new, however. My husband delights in bringing home xeroxed copies of articles like this that he finds as he peruses his business journals. (This one is entitled, "Diamonds Post-Lehman Have No Aura as Buffett Can’t See Recovery".)
AGBF

 

[Haven]

Q: What runs through your mind when I say, Diamonds are worthless?

A: Not to me!

 

[AGBF]

Date: 9/27/2009 1:34:44 PM
Author: mochi
''LIAR!''

Oh, I''m sorry, I''ve been watching too many presidential speeches lately..

You are confused, mochi. You have been listening to too many Republican congressmen. Tune ''em all out, woman! Tune ''em all out!

AGBF

 

[radiantquest]

I don''t know if I will get into trouble for bringing this up or not, but this got me thinking about those labs that are creating diamonds. Do you think that has something to do with "value" of diamonds?

These labs are selling these stones for far less and are saying that they are the same composition, they just aren''t mined. Since they can be manufactured now do you think the value will come down?

 

[gemgirl]

As a resale item, yes, I''d have to agree that diamonds are relatively worthless unless you don''t mind losing money. Then there''s the other side of the coin, lovers of diamonds and collectors like all of us. To me personally, they''ll always have value because I think they are beautiful and most of mine are symbols of some sort of personal accomplishment for me. They mark special times in my life and they are an important part of the memories I hold dear.

 

[kenny]

Date: 9/28/2009 9:58:38 AM
Author: radiantquest
I don''t know if I will get into trouble for bringing this up or not, but this got me thinking about those labs that are creating diamonds. Do you think that has something to do with ''value'' of diamonds?


These labs are selling these stones for far less and are saying that they are the same composition, they just aren''t mined. Since they can be manufactured now do you think the value will come down?

They have been saying that fakes will lower the value of real diamonds for decades.

It hasn''t happened because labs can tell the natural from the fake, and women do not want to be proposed to with a fake diamond.

 

[Luckyeshe]

Date: 9/27/2009 9:08:05 PM
Author: Haven
Q: What runs through your mind when I say, Diamonds are worthless?

A: Not to me!

I second!!

 

[beaujolais]

anger

 

[Cehrabehra]

AGBF:

Also, good article!

 

[Dancing Fire]

yes ladies, they are worthless,please send all your diamonds to DF.

 

[Tuckins1]

Date: 9/28/2009 7:30:39 PM
Author: Dancing Fire

yes ladies, they are worthless,please send all your diamonds to DF.

HA!!

Nice try....

 

[cindygenit]

Noooooo!!!!!!!!!!!!!!!!!

 

[Londongirl1]

Date: 9/27/2009 4:41:30 AM
Author: gwendolyn
First thought was that, of course, to some, they are completely worthless because they serve no purpose other than to decorate--except of course to people like robotics engineers who grind them up and use them on blades to cut things with extreme precision. Then they are quite useful.

But you don''t really mean that. You mean to ask if they gain in value, which no, they don''t. Does that stop me wanting some? No. They aren''t an investment; they are an indulgence. And I don''t ever expect to make money off my indulgences.

Ditto