Are diamonds worthless?

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Diamonds are used to make wedding rings as well as other jewelry. There have been discussions at the moment as to whether the diamond is useless. Most experiments have shown that diamonds are useless and they do not have an inherent value. However, because of supply and demand relations, we strongly esteem them because of their scarce supply. For example, if the diamonds were in excess, no one would have cared to wear them. The implication is that the scarcity of human worth as it allows one to stand out (Cook 92). The more human beings can differentiate themselves from the others, the more happy they get, the more they spend. Admittedly, diamonds have believed to have particular practical use in the industrial sector. They use synthetic diamonds, they do not appear as lovely, although possess similar uniqueness. However, some people have claimed that diamonds have a lot of value since they can fetch lot money.

Thus, however, diamonds cost have been propelled so high by forming scarcity instead of the actual rarity, so with the demand, they should not be called worthless ((Tzeng et al. 12). Recently years, some studies have established that criticizes the diamond business for exaggerating the inadequacy of diamonds and even proposing that the entire diamonds are relatively worthless and are not in short supply at all. Moreover, in the view of Dyke, Ontario, and Arthur, diamonds are believed to form deep within the Earth under massive pressure, thereby making them appear like precious objects that are difficult to obtain (8).

Currently, the industries that deal in diamonds sell diamonds expensively to its customers. These industries claim that diamonds are quite rare and difficult to extract. Therefore, most customers are left with an option of ether buying expensively or considering buying it another time. Diamonds have become symbols of top status. Thos has led to its scarcity. Additionally, most people who believe that diamonds are worthless argue that diamonds are not investments (Dyke, Ontario and Arthur 13). They hold to the fact that the spend a lot of cash that many people who seek status to buy diamonds should be used in other investment or even taking them to the society to help the less fortunate. Furthermore, the critics of diamonds claim that it is a p pierce of rock that cost a lot of money without value. However, those who support diamonds argue that their happiness is paramount (Tzeng et al..7). They claim that if they can buy diamonds for themselves, then it means it is what they value are ready to spend any amount to buy them. Again, those who argue that diamonds are not bogus claim that diamonds is a symbol of their hard work and success. This paper seeks to examine whether diamonds are worthless. The paper would also review other scholars’ view on the issue. Therefore, this paper argues that diamonds are worthless due to their cost and scarcity.

Annotated Bibliography

Dyke, Ontario Gold, and Arthur T. Stone. "They sold their farms on account of the pebbles, and the pebbles were diamonds." (2014).

According to Dyke, Gold, and Arthur, diamonds have made many people sell their lands for extraction of diamonds. The authors argue that if the extraction of diamonds can cost the community their valuable lands, then it will not add value to their lives of the community. Thus, the implication is that diamond is worthless (Dyke, Ontario and Arthur 8). The authors assert that the extraction of diamonds is expensive. This makes it very scarce and therefore expensive to buy.

Tzeng, Y., et al. "High-Quality Flame Deposited Diamond Films for Infrared Optical Windows." Applications of Diamond Films and Related Materials: Proceedings of the First International Conference on the Applications of Diamond Films and Related Materials-ADC'91, Auburn, Alabama, USA, August 17-22, 1991. Vol. 73. Elsevier, 2013.

In the view of Tzeng, and others, the use of diamonds has been precipitated by the videos that have acted as advertising agents. They authors argue that through the videos, most people are influenced by what they are viewing on the videos. More to this, the authors contend that the video, as well as advertisement, has boosted the demand and sale of diamonds (Tzeng et al. 12). Overall, the authors have also covered the cost of extracting diamonds.

Mitchell, Lee. "Grief is Worthless": Identity, Consequence, & Close-ups in the Counselor." Cineaction 98 (2016): 49-2.

This article asserts that diamonds are a symbol of identity. The article holds that many people, who seek to ascend to top status, usually go for diamonds despite their pries. The author believes that if the people who value diamond can afford them, then there should be no complain if they buy them (Mitchell 42).

Shankar, Nitin. "Cool Laser for Cutting Diamonds." Laser Technik Journal 12.4 (2015): 27-29.

This article argues that diamond cut has been going for a laser cut tool which can slice through the diamond without damaging them. Also, the article argues that raw diamonds can comprise inclusions within the form of the non-diamond mixture materials, making them vulnerable to damages from extreme heat during the process of laser cutting (Shankar 27).

De Laveleye, Émile Louis Victor, John Armitage, and Joanne Roberts. "Luxury is Unjustifiable." Cultural Politics 12.1 (2016): 42-48.

The article holds that diamonds give luxury and that luxury is justifiable. The author reveals that diamonds can never be worthless. The report asserts that diamonds have believed to have particular practical use in the industrial sector. They use synthetic diamonds, they do not appear as lovely, although possess similar uniqueness. However, some people have claimed that diamonds have a lot of value since they can fetch lot money (de Laveleye et al. 42).

Whiteley, Bryn Elizabeth. "Diamonds: Cultural Representations and Transformations of a" Girl's Best Friend." (2016).

The authors assert that the great accomplishment of advertising industry created a diamond culture in which diamonds are continuously linked it to images of status, love, and devotion. Given that Diamond has positive associations. The article explores the cultural values that are attached to diamonds (Whiteley 9). This article covers subjects such as how jewelry from diamonds has become ingrained within the American consumer culture.

Hirota, Shinichi, and Shyam Sunder. "Price Bubbles sans Dividend Anchors: Evidence from Laboratory Stock Markets." Behavioral Interactions, Markets, and Economic Dynamics. Springer Japan, 2016. 357-395.

The authors experimentally explore the way in which investor decision influence the arrangement of stock costs. The authors established that where investors gather dividends till ripeness, prices join to the primary levels obtained from dividends t by backward induction (Hirota, Shinichi, and Shyam 357).

Cook, Robert B. "How to Find Genuine Diamonds in Arkansas hosted by Glenn W. Worthington. Available through Mid-America Prospecting, PO Box 1063, Murfreesboro, AR 71958. 84-minute DVD; 2008; 19+ 5 shipping and handling." (2014): 92-92.

The author argues that genuine diamonds are rare to be obtained. He claims that the markets are flooded with fake diamonds. Additionally, he claims that many people move in different places to look for genuine diamonds (Cook 42). He argues that diamond business for exaggerating the inadequacy of diamonds and even proposing that the entire diamonds are relatively worthless and are not in short supply at all.

Works Cited

Cook, Robert B. "How to Find Genuine Diamonds in Arkansas hosted by Glenn W. Worthington. Available through Mid-America Prospecting, PO Box 1063, Murfreesboro, AR 71958. 84-minute DVD; 2008; 19+ 5 shipping and handling." (2014): 92-92.

de Laveleye, Émile Louis Victor, John Armitage, and Joanne Roberts. "Luxury is Unjustifiable." Cultural Politics 12.1 (2016): 42-48.

Dyke, Ontario Gold, and Arthur T. Stone. "They sold their farms on account of the pebbles, and the pebbles were diamonds." (2014).

Hirota, Shinichi, and Shyam Sunder. "Price Bubbles sans Dividend Anchors: Evidence from Laboratory Stock Markets." Behavioral Interactions, Markets, and Economic Dynamics. Springer Japan, 2016. 357-395.

Mitchell, Lee. "Grief is Worthless": Identity, Consequence, & Close-ups in the Counselor." Cineaction 98 (2016): 49-2.

Shankar, Nitin. "Cool Laser for Cutting Diamonds." Laser Technik Journal 12.4 (2015): 27-29.

Tzeng, Y., et al. "High-Quality Flame Deposited Diamond Films for Infrared Optical Windows." Applications of Diamond Films and Related Materials: Proceedings of the First International Conference on the Applications of Diamond Films and Related Materials-ADC'91, Auburn, Alabama, USA, August 17-22, 1991. Vol. 73. Elsevier, 2013.

Whiteley, Bryn Elizabeth. "Diamonds: Cultural Representations and Transformations of a" Girl's Best Friend." (2016).

October 12, 2022
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Marketing Learning

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Supply and Demand Value Study

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