Diamonds are forever worthless.

Online Users: 1,274 guest(s), 0 user(s). Replies: 41


ginarook Posts : 15 Registered: 11/30/10
Diamonds are forever worthless.
Posted: Dec 16, 2010 1:54 PM

I have a question in response to a post I just read.

How many of you are aware that diamonds have no real value?

Did you know that diamonds are in fact worthless? At this point they are no more uncommon than quarts; saphire's, ruby's, etc are much more rare and valuable.

I can understand if you know this but want the diamond ring anyways. But how many of you actually realize your FH is spending buku bucks on a rock that loses 80% of its value the second it's sold.

Reply

PLysak Posts : 288 Registered: 7/8/07
Re: Diamonds are forever worthless.
Posted: Dec 16, 2010 5:32 PM Go to message in response to: ginarook

I was not aware of this, which is why I had the reaction I did in the previous post. Thanks for the info!

I'm so jaded after finding this out, that if any future man were to ask what sort of jewelry I wanted, I'd direct him towards other gemstones, which are prettier and cheaper than overly valued diamonds.

Reply

HamzicBride Posts : 178 Registered: 12/28/09
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 11:59 AM Go to message in response to: ginarook

Oh Im going to sit back and make some pop corn for this one. You're about to get burned really bad for this thread...


Reply


MsDenuninani Posts : 3,962 Registered: 3/16/07
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 12:07 PM Go to message in response to: ginarook

Just so I'm clear, are you saying that if I owned a diamond that I paid $10,000 for, I would now only be able to sell it for $2,000?

__________________________________________

"I'd hate to advocate drugs, alcohol, or insanity, but they've always worked for me." Hunter S. Thompson

Reply

anxiouspeanut Posts : 8 Registered: 12/14/10
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 12:55 PM Go to message in response to: HamzicBride

I'm with you HamzicBride!!!!! Such a Debbie Downer!

Edited by: anxiouspeanut on Dec 17, 2010 12:58 PM

Reply


PharmToxGirl Posts : 5,446 Registered: 8/30/07
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 1:13 PM Go to message in response to: ginarook

Anything you buy decreases in value (with the usual exception of real estate - though as we all know now, that's not true in this market).

AOTB pointed out in the other thread, and she's absolutely right, you pay retail, you pay a mark up - it's not worth what you paid as soon as you have it in your possession. Buy a car, you drive it off the lot and it's value depreciates.

This is how the retail market works. Figure that out now and save yourself some disappointment though out life.

PS Not everyone 'starves' themselves for a ring or diamond. It's called living within your means and a lot of people do practice it.

Reply

PLysak Posts : 288 Registered: 7/8/07
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 2:07 PM Go to message in response to: MsDenuninani

Actually, MsD, you'd get even less for it, unless you sold it privately through, say, Craigslist. But then there is a lot of people in that situation on there, trying to sell their stuff too. And you'd only get what you could convince someone else to buy it for.

In the other thread that I started, I mentioned that we paid just under $4,000 for my wedding set. It is a vintage art deco style set with beautiful, clear diamonds. It impresses even professional jewelers with the stone quality. However, when I went to see how much I could get for it, the jewelers told me that the diamond market is flooded, and diamonds are basically worthless, and that the only thing that was worth anything on my set was the gold that the diamonds were in. And then, I could only get gold weight prices. So my ring set that we shelled out $4,000 for was only worth $145.

The point is that, in this economy, when you have so many other things to spend your money on (useful things like a house, a car, or your or your kids' college educations), do you really want to spend THAT much on something that is not going to retain any value? If you are emotionally tied to the idea that the ring is important, than go for it. But if there are other things that are more important and practical for you, then don't go broke on a ring, thinking that you'll get some of the money that you put into it back in your pocket. 'Cuz you won't.

Reply


PharmToxGirl Posts : 5,446 Registered: 8/30/07
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 2:15 PM Go to message in response to: PLysak

The thing is - NOTHING keeps it's retail value.

Don't get me wrong, both of my rings were under $1000 total - because I'm not a big ring person and we stayed within our budget.

But that's also true for a) the car I had to buy a year ago, b) the new heating/cooling system we out in our house (though that increases the value of our house - but that's moot in this market), c) the new flat screen TV you buy.... etc etc.

And as more people hit hard times they sell their 'luxury' items increasing that supply while decreasing the demand - i.e. the value is decreased. ANY jewelry item (especially) is going to be going through the same thing.

Reply


TracyEsq Posts : 15 Registered: 8/27/10
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 4:13 PM Go to message in response to: PLysak

I'm not sure who goes into the purchase of a diamond engagement ring, or any piece of jewelry for that matter, with the intention of SELLING it and making money off of it. Am I missing something? My fiancť did save up quite a bit of money and bought me a beautiful ring that I treasure. I wouldn't dream of parting with it. I don't believe that diamonds are worthless. I'm sorry to say this, but it sounds like talk coming from someone who is bitter about a failed marriage.

Reply


MsDenuninani Posts : 3,962 Registered: 3/16/07
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 5:51 PM Go to message in response to: PLysak

"Actually, MsD, you'd get even less for it, unless you sold it privately through, say, Craigslist. But then there is a lot of people in that situation on there, trying to sell their stuff too. And you'd only get what you could convince someone else to buy it for."

I wasn't really asking -- I was essentially trying to say that who knows how much I'd get for it? I'd get what people are willing to pay -- which is true for all luxory goods, from diamonds, to cars, to artwork.

If I wanted to sell a 10K ring, the first thing I'd think is, where are the people who are willing to spend 10K? I'd try and find the the people who value engagement rings at 10K, which are the buyers of engagement rings, not the sellers. A jeweler would buy the ring at a nominal price, and then upsell it -- I'd try to find a way to be that person who gets to upsell; otherwise, it wouldn't be worth it to sell it at all.

No consumer good is absolute -- it's all supply and demand.

__________________________________________

"I'd hate to advocate drugs, alcohol, or insanity, but they've always worked for me." Hunter S. Thompson

Reply


ginarook Posts : 15 Registered: 11/30/10
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 6:38 PM Go to message in response to: MsDenuninani

Wow, thanks for all those replies!

Yeah I'm aware that everything loses value, and I'm not against the diamond ring. It's just that it's a lot easier to rationalize the expense and not think of it when it's not my money. Also, the more you learn about the diamond industry in general the more you want to cry.

I did tons of DIY stuff for my wedding to save cash. If the tables were turned and I had to buy a ring for my fiancee, I think we might have a conversation about it, haha!

Keep the responses coming!

Reply


pamelaliebwitz Posts : 8 Registered: 11/30/10
Re: Diamonds are forever worthless.
Posted: Dec 17, 2010 6:46 PM Go to message in response to: ginarook

Since we're on this topic, have any of you read this article:

http://www.slate.com/id/2167870/

I'm not taking sides...just thought it was relevant and interesting.

Reply

deliciousappleb... Posts : 15 Registered: 8/21/10
Re: Diamonds are forever worthless.
Posted: Dec 18, 2010 1:16 AM Go to message in response to: ginarook

Honestly, this entire thread is worthless. Of COURSE a diamond is worth something - it's worth what people will pay for it. Same as ANY item. Your effing TOASTER is worthless until somebody wants toast. People like diamonds, believe they need them or that having them will make them someone special, someone puts a price on them, so people buy them - and THAT is what gives them their worth.

If you want to spout that they don't have any inherent monetary value, you'd be right - but you'd first have to accept that there isn't a single thing on this planet that does. Money itself is only made of linen and cotton, and even gold is only "valuable" for the same reason diamonds are - because people will pay for it. If someone somewhere had decided that a particular type of tree were rare enough and pretty enough to be upsold to people who crave exclusivity, we'd be using its leaves for money instead of cash.

This thread is ridiculous, and reeks of jealousy and antiestablishmentarianism to boot. "Value" is subjective, and too bad so sad for you, diamonds got lumped into the "valuable" category. Deal with it.

Reply

HamzicBride Posts : 178 Registered: 12/28/09
Re: Diamonds are forever worthless.
Posted: Dec 18, 2010 2:19 AM Go to message in response to: deliciousappleb...

bahhahahaha1 absolutely fantastic! thank you for this lovely response. I myself couldn't have come up with a better way to express what I was also thinking.

Thank you, thank you. I applaud your bravery and humor. You've just made my evening.


Reply


VšnTillBruden Posts : 353 Registered: 1/16/10
Re: Diamonds are forever worthless.
Posted: Dec 18, 2010 4:21 AM Go to message in response to: HamzicBride

Actually, by your own claim, OP, sapphires and rubies aren't rare and precious either. They're equally as worthless as diamonds, gold, silver, platinum, toasters, cars, houses, and electronics are. Nothing has worth until we make it have worth. I get where you're coming from about the "worst kept secret in the world" about diamonds not being rare. But frankly, that's how just about everything works.

Read a bit of what Myras and AOTB posted in the other thread about mark ups and the definition of "retail".

By the way, just as a little tidbit of info for you: sapphires and rubies are actually cheaper than diamonds because MOST are lab created. If you happen to find a piece of jewelry with a good sized all-natural gem, it will cost you around the same amount of money as a diamond would.

Love me when I least deserve it, because that is when I need it the most. (Swedish proverb)

Reply
RSS

Thank You
for Signing Up!

Check your e-mail inbox for the latest updates from brides.com

Give a Subscription to Brides Magazine as a Gift
Subscribe to Brides magazine