Guess who thinks, "diamonds are a girl's best friend?"
It is in the lyrics of the famous song, but the diamond producers that control the worldwide pricing of diamonds, love the thought.
The diamond producers would love to have you think that diamonds are precious, diamonds are rare, diamonds are an investment, diamonds are something everyone should have. Bull, bull, bull, and bull.
Sure diamonds are hard and can cut glass. Big deal.
Diamonds are incredibly hard. Big deal.
But, diamonds, can break, chip crack and crumble into hundreds of pieces if struck.
Diamonds are only precious because they are sold as precious. Many other stones are more rare than diamonds. Red beryl for instance is only found in one place on earth from what I last heard. Red beryl is found in the tens and twenties, not in the hundreds of thousands as are diamonds.
I have been in the diamond business for thirty years. I do believe diamonds are beautiful. I don't believe they are worth all the money.
The industry counters that they are an investment. Bull again. People buy them at retail prices, anywhere from double to five times the price the retailer pays for them.
If a jeweler buys one back from you they generally pay half what they can buy them for retail because they aren't in the market for your stone. Not much of an investment in my eyes.
Beautiful? Yes, but so is cubic zirconium, commonly known as CZ. If you keep a CZ clean, no one will ever know whether you have a diamond or a CZ.
1 carat diamond - $4,000
1 carat CZ - $10
Bottom line? In my opinion, diamonds are a tradition kept alive by the diamond producers and simply aren't worth the money. They are too expensive.
My recommendation? Buy a CZ and put your money into a real investment.
Diamonds are bling for idiots.
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