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07-03-2017 11:21 PM
by Richard Muller, Professor of Physics at UC Berkeley, author of Now, The Physics of Time, on Quora:
Originally, the value of a diamond was set by its beauty, the wondrous colors that came out, especially in sunlight.
The value of a diamond today is set by the fact that it is expensive.
The color of a diamond and its sparkle is due primarily to its “dispersion”, that is, the fact that the colors of sunlight are separated by refraction in the diamond, so as it moves, different colors make it to your eye, even with tiny changes in orientation. Now there are artificial stones that have a higher dispersion, and are therefore (in the original sense) “more beautiful”. These stones (cubic zirconia is the most famous) are now denigrated as having “too much color”.
Why wouldn’t you want a stone that was more beautiful than a diamond? The common reason is that cubic zirconia is cheap. Give someone an engagement ring of cubic zirconia and you are not demonstrating your willingness to be extravagant for your love. Diamonds are valued because of their cost.
These days, manufacturing of artificial diamonds has advanced, and you can buy a real (but manufactured) diamond for under half the price of a “natural” diamond. So jewelers look for the tiny flaws that characterize a natural diamond. To me this is totally ridiculous. Again, it indicates that the value of a diamond is no longer in its beauty, but in its rarity. And the rarity is kept high by the diamond merchants who severely restrict the market.
I’ve been told (although haven’t independently verified it), that from time to time a new natural diamond mine is established by a person who is not part of the diamond cartel. The cartel then lets that person know that he had better not dump his new abundance of diamonds onto the market. If he does, then the cartel will flood similar (in color, defects, etc.) diamonds and cause that style to have little value. The cartel keeps the price up by keeping diamonds rare. They are not rare in their stocks, only in the marketplace.
When I taught optics at the University of California, Berkeley, I enjoyed making this point, and bringing in large (several centimeters in size) cubic zirconias cut in the classic shape of diamonds. I suggested to my students that, when they get engaged, they not “waste” money on an expensive diamond ring, but show their high level of education and intelligence by giving a cubic zirconia ring. I’m delighted that, over the years, I got several emails from former students telling me that they did exactly that.
I’m old enough to remember when pearls were highly prized. But the culturing of pearls was mastered (putting little seeds into captive oysters) and that caused pearls to lose their luster (figuratively, not physically). I expect that will soon happen in the diamond market. The cost of manufacturing true diamonds will drop and the value of your heirloom will be only in its sentimental value, not in its monetary value.
The good news is that vapor deposition of diamond coatings is developing so rapidly that soon we will have scratch-proof glass (coated with diamond), scratch-proof cookery, and scratch-proof everything. There are a lot of diamonds in our future, and they will be cheap.
This question originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.
07-03-2017 11:32 PM
@Kachina624 wrote:
by Richard Muller, Professor of Physics at UC Berkeley, author of Now, The Physics of Time, on Quora:
Originally, the value of a diamond was set by its beauty, the wondrous colors that came out, especially in sunlight.
The value of a diamond today is set by the fact that it is expensive.
The color of a diamond and its sparkle is due primarily to its “dispersion”, that is, the fact that the colors of sunlight are separated by refraction in the diamond, so as it moves, different colors make it to your eye, even with tiny changes in orientation. Now there are artificial stones that have a higher dispersion, and are therefore (in the original sense) “more beautiful”. These stones (cubic zirconia is the most famous) are now denigrated as having “too much color”.
Why wouldn’t you want a stone that was more beautiful than a diamond? The common reason is that cubic zirconia is cheap. Give someone an engagement ring of cubic zirconia and you are not demonstrating your willingness to be extravagant for your love. Diamonds are valued because of their cost.
These days, manufacturing of artificial diamonds has advanced, and you can buy a real (but manufactured) diamond for under half the price of a “natural” diamond. So jewelers look for the tiny flaws that characterize a natural diamond. To me this is totally ridiculous. Again, it indicates that the value of a diamond is no longer in its beauty, but in its rarity. And the rarity is kept high by the diamond merchants who severely restrict the market.
I’ve been told (although haven’t independently verified it), that from time to time a new natural diamond mine is established by a person who is not part of the diamond cartel. The cartel then lets that person know that he had better not dump his new abundance of diamonds onto the market. If he does, then the cartel will flood similar (in color, defects, etc.) diamonds and cause that style to have little value. The cartel keeps the price up by keeping diamonds rare. They are not rare in their stocks, only in the marketplace.
When I taught optics at the University of California, Berkeley, I enjoyed making this point, and bringing in large (several centimeters in size) cubic zirconias cut in the classic shape of diamonds. I suggested to my students that, when they get engaged, they not “waste” money on an expensive diamond ring, but show their high level of education and intelligence by giving a cubic zirconia ring. I’m delighted that, over the years, I got several emails from former students telling me that they did exactly that.
I’m old enough to remember when pearls were highly prized. But the culturing of pearls was mastered (putting little seeds into captive oysters) and that caused pearls to lose their luster (figuratively, not physically). I expect that will soon happen in the diamond market. The cost of manufacturing true diamonds will drop and the value of your heirloom will be only in its sentimental value, not in its monetary value.
The good news is that vapor deposition of diamond coatings is developing so rapidly that soon we will have scratch-proof glass (coated with diamond), scratch-proof cookery, and scratch-proof everything. There are a lot of diamonds in our future, and they will be cheap.
This question originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Maybe shouldn't have copied such a long quote. An interesting read and good points made for CZ engagement rings. Here's my personal take: My diamond was purchased 49 yrs. ago on 47th St. (the diamond district) in NY city. It was a ridiculously low price....under $3000 for 2.5 carats. It is now appraised for $32,000. So to me and others who can find a good deal, it's an investment.
07-03-2017 11:56 PM
@Kachina624: Another interesting post. For years, I wored a cz bridal set that I couldn't have afforded in real diamonds (or wouldn't have wanted to). I remember one day, a coworker remarked that I must have "money", because of the "diamonds" I wore! But honestly, what makes diamonds so valuable to me is that I've never seen anything else that sparkles like one. I had beautiful diamond studs that I wore in my 2nd holes, & after I lost one, I decided that I would only wear simulants after that, but, as I've already said, never found ones that had the sparkle of "the real thing". Maybe I just haven't seen really good cz's, Idk.
07-04-2017 12:09 AM
Thank you so much for posting this very educational and informative message. With the right setting good jewelry makers/artist can produce wearable art using this man made diamonds with so many facets🌻
07-04-2017 01:39 AM - edited 07-04-2017 09:33 AM
Interesting story....only I can tell the difference between a CZ and a diamond....lifeless compared to a quality diamond. However, moissanite and other man made diamonds are quickly progressing to a more diamond-like presentation. That is where I would put my money today, still not inexpensive but not the major expense of a triple X diamond.
07-04-2017 01:43 AM
@Shanus wrote:My diamond was purchased 49 yrs. ago on 47th St. (the diamond district) in NY city. It was a ridiculously low price....under $3000 for 2.5 carats. It is now appraised for $32,000. So to me and others who can find a good deal, it's an investment.
@Shanus I would be afraid to wear it for fear of getting robbed or losing it. Or, I'd be getting it checked every week to be sure the setting was secure... I suppose you can do that yourself.
Have you finished any of the wedding bracelets? I'm anxious to see one and I think others are too.
07-04-2017 02:01 AM - edited 07-04-2017 02:05 AM
I second moissanite. I have a few pieces and I'm never buying a natural diamond again. I'm in the market for a 5 stone anniversary band to celebrate my fifth wedding anniversary this year and I'm not even considering diamonds.
For me it's cost coupled with ethical concerns. In some respects, Moissanite actually has better qualities compared to diamonds. Looks real, has almost the same hardness and it's cheaper. It's sustainable. Plus they're flawless.
Maybe this diamond coating technology will upend the industry but until then no CZ's for me at least not for important pieces. I still buy them in 14K from time to time at TJ Maxx but nothing expensive or sentimental. Mostly in necklaces so no fear of scratches.
07-04-2017 02:18 AM
@NycVixen Love Moissanite. It's the setting that usually give CZs and various simulants away. QVC used to have yellow 14k rings with wg prongs and they looked so much like diamonds. The rings in sterling, not so much. Colvard & Charles does a nice job with their 14k settings.
07-04-2017 02:46 AM
@Kachina624 wrote:@NycVixen Love Moissanite. It's the setting that usually give CZs and various simulants away. QVC used to have yellow 14k rings with wg prongs and they looked so much like diamonds. The rings in sterling, not so much. Colvard & Charles does a nice job with their 14k settings.
@Kachina624 I completely agree. I have a 14K yellow gold moissanite solitaire necklace that I bought directly from C&C that looks indistinguishable from my diamonds set in 14K.
Another thing I love about moissanite is that even small stones look amazing. I have a set of three rings set with one 2mm stone each and they sparkle like crazy. With diamonds, small stones usually look like glass chips since they are basically throwaway diamonds. Moissanite is usually flawless regardless of the size.
07-04-2017 03:15 AM
I remember hearing or reading years ago that natural diamonds are not rare and it's because of the Cartels holding them back from the marketplace that makes them "rare."
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