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(Yahoo)   As more and more people are selling off their diamond jewelry, the industry worries that a flood of "recycled" diamonds may cause severe drops in the artificially inflated prices they sell their shiny rocks for   (news.yahoo.com) divider line 218
    More: Spiffy, Tiffany & Co., BMO Capital Markets, rocks, wholesales, ripples  
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2620 clicks; posted to Business » on 14 Mar 2012 at 12:59 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-14 10:38:14 AM  
But think of the diamond industry! Those children aren't going to exploit themselves.
 
2012-03-14 10:58:06 AM  
Isn't that the inherent issue when you sell something that's near indestructible?
 
2012-03-14 11:15:31 AM  
We might see the rare Fark thread where everyone agrees here.
The industry is shady to say the least, and way overinflated.. and we hope it comes crashing down a fair bit.

Now prove me wrong Fark!

/waits for someone to come defend the diamond industry
 
2012-03-14 11:33:14 AM  

James!: Isn't that the inherent issue when you sell something that's near indestructible?


a hammer would beg to differ
 
2012-03-14 11:39:10 AM  

Dead for Tax Reasons: James!: Isn't that the inherent issue when you sell something that's near indestructible?

a hammer would beg to differ


Now if only they could convince people to take hammers to their diamonds.
 
2012-03-14 11:56:25 AM  

Dead for Tax Reasons: James!: Isn't that the inherent issue when you sell something that's near indestructible?

a hammer would beg to differ


or a Bic lighter, they are pure carbon after all.

"A diamond is forever" may be the most misleading advertising campaign ever
 
2012-03-14 11:58:29 AM  

Magorn: Dead for Tax Reasons: James!: Isn't that the inherent issue when you sell something that's near indestructible?

a hammer would beg to differ

or a Bic lighter, they are pure carbon after all.

"A diamond is forever" may be the most misleading advertising campaign ever


The diamonds are forever

/the diamond industry is not
 
2012-03-14 01:03:21 PM  
I've got a .76 carat diamond with no visible flaws on a white gold band with small sapphires and diamonds on either side. Only worn 4 months, going cheap.

Seriously, I have no idea how to unload this farkin thing. Just keep it in the safe deposit box for now, I guess. I could use the cash though -- closing on a house in a couple of weeks.
 
2012-03-14 01:04:03 PM  
i34.photobucket.com
 
2012-03-14 01:07:03 PM  

James!: Isn't that the inherent issue when you sell something that's near indestructible?


www.cmt.com
This is called the Your Diamond Won't Die, Making Mine Worthless Jig.
 
2012-03-14 01:07:22 PM  
chopit:

I got my mom's engagement ring appraised for her and put it on eBay, where it went pretty quickly (good pictures and a scan of the appraisal didn't hurt).

I've got one from MY ex that I'll probably be doing the same thing with.
 
2012-03-14 01:08:19 PM  
/waits for someone to come defend the diamond industry

Well there's really no such thing as artificially inflated prices, even if it's a monopoly involved. Nobody is forced to buy a diamond, so if people are willing to part with $x for a diamond, then they value the diamond more than $x.
 
2012-03-14 01:08:30 PM  
Supply and demand changes, and you guys have had the best marketing campaign for a long time boosting your demand - doesn't stay that way forever.
 
2012-03-14 01:10:08 PM  
sorry I can't feel sad, its diamonds not something required for survival .
 
2012-03-14 01:17:21 PM  
www.nndb.com

I will not be marked down!
 
2012-03-14 01:18:04 PM  
Remember! A woman without diamonds is gross buckets.
 
2012-03-14 01:20:10 PM  

Pants full of macaroni!!: Remember! A woman without diamonds is gross buckets.


And clearly unlovable.
 
2012-03-14 01:25:34 PM  
I bought an estate diamond engagement ring at about 20% of what a new one would cost. My fiancé was very pleased. She doesn't know exactly what I paid, but she knows that when we look at new diamond rings at jewelers (still picking out my wedding band), I like to see what they're charging for the same size diamond and always come back smiling... and she's pleased to know that I know how to buy good jewelry without throwing money away.

ak.buy.com

I know diamond engagement rings are an industry scam, but estate diamonds are a screaming deal. Sorry for those of you trying to sell them, however...
 
2012-03-14 01:28:52 PM  
Butler: Sir, your dog just bit Ted Kennedy The diamond industry is being flooded with recycled diamonds leading to price drops.
Kent Brockman: Good!
 
2012-03-14 01:30:46 PM  

James!: Dead for Tax Reasons: James!: Isn't that the inherent issue when you sell something that's near indestructible?

a hammer would beg to differ

Now if only they could convince people to take hammers to their diamonds.


Wouldn't surprise me if they tried.

the new De Beers commercials will probably go along the lines of "his grandmothers jewelry isn't good enough for you" or "antique jewelry is cheap and he doesn't really love you".

/woman logic will be exploited
 
2012-03-14 01:31:00 PM  

chopit: I've got a .76 carat diamond with no visible flaws on a white gold band with small sapphires and diamonds on either side. Only worn 4 months, going cheap.

Seriously, I have no idea how to unload this farkin thing. Just keep it in the safe deposit box for now, I guess. I could use the cash though -- closing on a house in a couple of weeks.



Don't go to a Pawn Shop, you won't get nearly enough about 15% of retail, if you have paperwork try Ebay or you could try antique stores and second hand stores. These places generally sell for half of retail so expect to get about 25% of retail. If you are going to try Ebay set the reserve or starting bid at around 1/3 of retail and be happy if you get close to 1/2 of retail.
 
2012-03-14 01:32:36 PM  
I am about to get engaged again. It's a big farking scam of course, but you ladies demand them. I am fortunate however that I have a 3 carat VVS1 that I inherited, so I don't have to lay out any cash for this.
 
2012-03-14 01:33:54 PM  

Magorn: Dead for Tax Reasons: James!: Isn't that the inherent issue when you sell something that's near indestructible?

a hammer would beg to differ

or a Bic lighter, they are pure carbon after all.

"A diamond is forever" may be the most misleading advertising campaign ever


Really? Can you smash a diamond with a hammer? What would burning it do?

/not going to try it with wife's ring.
 
2012-03-14 01:35:54 PM  
If it's not a blood diamond I don't want it.
 
2012-03-14 01:37:04 PM  

Kraftwerk Orange: I bought an estate diamond engagement ring at about 20% of what a new one would cost. My fiancé was very pleased. She doesn't know exactly what I paid, but she knows that when we look at new diamond rings at jewelers (still picking out my wedding band), I like to see what they're charging for the same size diamond and always come back smiling... and she's pleased to know that I know how to buy good jewelry without throwing money away.

[ak.buy.com image 350x350]

I know diamond engagement rings are an industry scam, but estate diamonds are a screaming deal. Sorry for those of you trying to sell them, however...


eh.

i gave the wife my grandmother's wedding band. was designed by some famous jeweler back in the day. no engagement ring because engagement rings are for suckers.

/ they're also a great way to encourage someone to cut your finger off.
// i would get very nervous wearing my wedding band. everyday i thought someone was going to cut my finger off. then the ring broke, so i don't have to worry about it anymore.
/// does no one else fear digital amputation by some backalley cutpurse?
 
2012-03-14 01:38:01 PM  

Kraftwerk Orange: I bought an estate diamond engagement ring at about 20% of what a new one would cost. My fiancé was very pleased. She doesn't know exactly what I paid, but she knows that when we look at new diamond rings at jewelers (still picking out my wedding band), I like to see what they're charging for the same size diamond and always come back smiling... and she's pleased to know that I know how to buy good jewelry without throwing money away.

[ak.buy.com image 350x350]

I know diamond engagement rings are an industry scam, but estate diamonds are a screaming deal. Sorry for those of you trying to sell them, however...


And how do you get estate diamonds?

/Looking for a nice ring or two for the GF, but NOT an engagement ring
 
2012-03-14 01:39:07 PM  

Pants full of macaroni!!: Remember! A woman without diamonds is gross buckets.


I thought she was a tree sloth. Or maybe a parsnip.
 
2012-03-14 01:41:09 PM  

Debeo Summa Credo: "A diamond is forever" may be the most misleading advertising campaign ever

Really? Can you smash a diamond with a hammer? What would burning it do?


You can shatter a diamond, and yes, they burn, as well (between 700C and 900C).
 
2012-03-14 01:43:04 PM  

dryknife: If it's not a blood diamond I don't want it.


Exactly, why would rich people overpay for items unless they can show off suffering it caused. That is why all my mink coats are made by female Chinese babies
 
2012-03-14 01:44:17 PM  
farm5.staticflickr.com

/oblig
 
2012-03-14 01:51:21 PM  
Clearly the only option is for all engaged couples to present each other with diamond grills. It takes up the excess diamonds and they're stuck in your teefs.

Diamonds, love up in your grill.
 
2012-03-14 01:52:55 PM  

BiffDangler: I am about to get engaged again. It's a big farking scam of course, but you ladies demand them. I am fortunate however that I have a 3 carat VVS1 that I inherited, so I don't have to lay out any cash for this.


3 carats?

Cut it in half and save the other half for your next engagement... :)
 
2012-03-14 01:55:19 PM  

Galloping Galoshes: Debeo Summa Credo: "A diamond is forever" may be the most misleading advertising campaign ever

Really? Can you smash a diamond with a hammer? What would burning it do?

You can shatter a diamond, and yes, they burn, as well (between 700C and 900C).


Wow. How about that. Just googled it and apparently there's a difference between 'hardness' and 'toughness'.

Now I feel bad about all the times I went into jewelry stores and accused them of being frauds after the diamonds they were trying to sell me failed my 'hammer test'.
 
2012-03-14 01:55:19 PM  

Debeo Summa Credo: Magorn: Dead for Tax Reasons: James!: Isn't that the inherent issue when you sell something that's near indestructible?

a hammer would beg to differ

or a Bic lighter, they are pure carbon after all.

"A diamond is forever" may be the most misleading advertising campaign ever

Really? Can you smash a diamond with a hammer? What would burning it do?

/not going to try it with wife's ring.


Burning it? Roughly this (new window)
 
2012-03-14 02:01:20 PM  

Snow Monkey:

And how do you get estate diamonds?
/Looking for a nice ring or two for the GF, but NOT an engagement ring


Antique stores, estate jewelers, auctions, estate sales. I live in an old city with a lot of rich old families, so old jewelry is pretty easy to come by. I like picking up old watches and vintage audio gear as well.



pute kisses like a man:

/ they're also a great way to encourage someone to cut your finger off.
// i would get very nervous wearing my wedding band. everyday i thought someone was going to cut my finger off. then the ring broke, so i don't have to worry about it anymore.
/// does no one else fear digital amputation by some backalley cutpurse?


Are you serious? Has there been a wave of digital amputations that I've been unaware of? Sorry - not even remotely concerned about that happening.
 
2012-03-14 02:01:23 PM  
The diamond industry is running scared from the man made diamonds.

Google "synthetic diamonds" for a history. Soon* you'll be able to get them out of a gum machine.


*Soon being a relative term
 
2012-03-14 02:05:17 PM  

dryknife: If it's not a blood diamond I don't want it.


DeBeers, the original Blood Diamond
 
2012-03-14 02:07:00 PM  
 
2012-03-14 02:08:15 PM  
Yeah, when you are dealing with a commodity that is selling for 20-30 times materials cost, it's just a matter of time before you get crunched. Jewelers have markups of 5-10x their cost.
 
2012-03-14 02:08:18 PM  
Bwhahahahah soon we will have Diamond Bullets. Then those poor people won't mind being oppressed as much, not when they can did the diamonds out of their loved ones and sell them for a nice profit.
 
2012-03-14 02:12:00 PM  

pute kisses like a man: / they're also a great way to encourage someone to cut your finger off.
// i would get very nervous wearing my wedding band. everyday i thought someone was going to cut my finger off. then the ring broke, so i don't have to worry about it anymore.
/// does no one else fear digital amputation by some backalley cutpurse?


They're starting to make the newer rings so that they slide right off the end of your finger. No need for constant finger amputation like in the old days.
 
2012-03-14 02:14:08 PM  

CujoQuarrel: The diamond industry is running scared from the man made diamonds.

Google "synthetic diamonds" for a history. Soon* you'll be able to get them out of a gum machine.


*Soon being a relative term


yeah, but then the ads will change to "Sure you can get her a man made diamon for 1/4 the price, but isn't your love worth paying for the real thing?"
 
2012-03-14 02:15:47 PM  

pute kisses like a man: / they're also a great way to encourage someone to cut your finger off.
// i would get very nervous wearing my wedding band. everyday i thought someone was going to cut my finger off. then the ring broke, so i don't have to worry about it anymore.
/// does no one else fear digital amputation by some backalley cutpurse?


Not really. Years of tabletop gaming have left me with an odd sense of priorities and a damaged fight/flight instinct. I'm pretty sure that the police would be asking me strange things like, "what the hell is 'initiative' and why do you have to 'roll for it'?" when investigating a mugger getting mugged.


James!: Clearly the only option is for all engaged couples to present each other with diamond grills. It takes up the excess diamonds and they're stuck in your teefs.

Diamonds, love up in your grill.


I'm SO going to hell for giggling at that thought.
 
2012-03-14 02:27:08 PM  

thurstonxhowell: They're starting to make the newer rings so that they slide right off the end of your finger. No need for constant finger amputation like in the old days.


That's retarded. They'll never stay on!
 
2012-03-14 02:27:22 PM  
Diamonds are a terrible investment.
 
2012-03-14 02:35:15 PM  

Magorn: Isn't that the inherent issue when you sell something that's near indestructible?

a hammer would beg to differ

or a Bic lighter, they are pure carbon after all.


Diamond is an allotrope of carbon; describing it like it has similar properties with charcoal is about as misleading as saying black widow spider venom is good for you because it's rich in protein. It's OK to dismiss the hype, but not by serving up your own bullshiat.

Diamonds aren't likely to shatter so much as cleave, which as far as preserving value goes ruins a gemstone, sure. However, diamonds are typically cut in a way that it's difficult to deliver a direct blow that'll split it. It's brittle but any mineral will be compared to most metals. Aside from making it look pretty, that's really a big reason for cutting it. I don't think any jewelry store would want you to do a "hammer test" but reason #1 would probably be the fact that most of their countertops are wood or glass. The main point is that any jewelry you wear on your hand will inevitably get exposed to a LOT of wear and tear and bumps and scrapes; diamond is hard enough that it's very unlikely to destroy one by accident.*

And yes they also burn, but 800C is pretty darn hot and diamond is an excellent heat conductor. A fire that hot will destroy just about anything else you own. For comparison purposes, wood typically ignites at about 275C. (It actually depends on a number of factors, but you can see the obvious difference.) You can ignite wood with a lighter; to destroy a diamond you'll probably need a good blowtorch. Diamond is thermally quite stable. Again, not indestructible but not likely to be destroyed by accident.

We can shiat on all the bad things about the diamond industry but it's not like they pulled this material out of a hat. There are actually relatively few natural substances suitable for decorating a ring; softer minerals get scratched up in a matter of days. Its properties make it ideal for jewelry.

*It's kind of funny how Magorn's link goes to a guy who hates diamonds and basically has to burn one immersed in pure oxygen to prove how "fragile" they are. It's not like there are a ton of substances out there that would do much better.
 
2012-03-14 02:36:56 PM  

Kraftwerk Orange: Snow Monkey:

And how do you get estate diamonds?
/Looking for a nice ring or two for the GF, but NOT an engagement ring

Antique stores, estate jewelers, auctions, estate sales. I live in an old city with a lot of rich old families, so old jewelry is pretty easy to come by. I like picking up old watches and vintage audio gear as well.



pute kisses like a man:

/ they're also a great way to encourage someone to cut your finger off.
// i would get very nervous wearing my wedding band. everyday i thought someone was going to cut my finger off. then the ring broke, so i don't have to worry about it anymore.
/// does no one else fear digital amputation by some backalley cutpurse?

Are you serious? Has there been a wave of digital amputations that I've been unaware of? Sorry - not even remotely concerned about that happening.


Is it just that you can't put your finger on the statistics?
 
2012-03-14 02:39:04 PM  

natazha: Yeah, when you are dealing with a commodity that is selling for 20-30 times materials cost, it's just a matter of time before you get crunched. Jewelers have markups of 5-10x their cost.


This be true
A college friend of mine ended up running a Jewelry store for a while. His standard mark up was 7x. So half off sales were still 3.5x of what they paid.

Of course they sold very few if any each day.
 
2012-03-14 02:39:54 PM  

Dead for Tax Reasons: James!: Isn't that the inherent issue when you sell something that's near indestructible?

a hammer would beg to differ


As would an intense flame. About 700°C or so...
 
2012-03-14 02:43:00 PM  

aearra: Diamonds are a terrible investment.


I have a friend who works in the estate jewelry business, and he says that diamonds really are forever: you'll never be able to unload that stone for anywhere near what you paid for it retail.
 
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