Diamonds are actually quite common. Their high price is the result of a clever business plan to hide the supply and convince everyone that "A Diamond is Forever."
For decades, we've been told that diamonds are rare, precious, and the ultimate symbol of love. But if you look at the science and history, you'll find that diamonds are more like a masterpiece of economic manipulation than a rare geological treasure.
In the late 1800s, massive diamond mines were discovered in South Africa. Suddenly, diamonds were everywhere. If all these diamonds hit the market at once, they would become as cheap as shiny pebbles.
In the 1940s, De Beers launched one of the most successful advertising campaigns in history. They linked diamonds to marriage and eternal love with the slogan: "A Diamond is Forever."
Compared to other gemstones like rubies, emeralds, or sapphires, high-quality diamonds are actually much more common in the Earth's crust. Furthermore, we can now grow lab-created diamonds that are chemically, physically, and visually identical to mined diamonds, but cost significantly less.
Diamonds are expensive because we believe they are rare and because their supply is tightly controlled. They are a brilliant example of how marketing can turn a common mineral into the world's most desired luxury item.
