Why are diamonds so expensive?

Question

besides jewellery, I don't see them as different from any other material used in industry...

so why do people give so much emphasis to diamond?...and for that matter any 'precious' metal?

Answer 1

Diamonds are not that rare.  DeBeers has cornered the world market and keeps billions of them in vaults.  They let only a relatively small amount of them trickle into the market in order to keep the supply low, thereby keeping the demand high and the prices high.  This is one of the world's worst kept secrets.

Here is a really good book that explores the questions surrounding diamonds in even more depth:  "Blood Diamonds: Tracing the Deadly Path of the World's Most Precious."  See if your library has it.  The author is Greg Campbell.

Answer 2

because women want them

Answer 3

They are rare and take millions of years to form!

Answer 4

I suppose because they are rare and desirable.

Answer 5

I think it is because they are usually mined from special mines all the way in Africa.... And what they are is a rare mineral that has to be aged MANY, MANY years before they can even be cultivated.  Ppl put so much emphasis on diamonds simply because they are a status symbol... A sign of wealth.  They are usually one of the most expensive things a man can buy for his woman (or vice-versa)... And lets face it... Everybody likes bling, and the more expensive it is shows u just how much more in debt he/she will risk to be with u.