In 1982 the diamond market was in upheaval. New large deposits were being discovered. Prices were plummeting. The price of a 1 carat flawless investment diamond fell from $60,000 to $6,000 in five years.
In that climate Edward Jay Epstein wrote a book chronicling the story of De Beers: how they carefully controlled both the supply and demand for 100 years. The book is The Diamond Invention. You can buy it used for $145.61 or read it for free at his website.
He also wrote an article summarizing it for the Atlantic. If you’ve ever felt the pressure to buy a diamond or hoped to receive a large one, read this article. It is the textbook example of how we are manipulated to create a market for something we don’t need.
:: Edward Jay Epstein|Have You Ever Tried to Sell a Diamond?
