How do you place a value on something that’s intrinsically useless?

I’ve always been skeptical of the “value” of jewelry, and in particular of diamonds. Fortunately I found in SLP a companion who doesn’t believe that the magnitude of my affection is commensurate with the size of a rock on her finger.

Today I was exploring some sites for design and layout ideas, and along the way I visited Digg. As it happened, the top link on Digg at that moment was an article from the Atlantic Monthly entitled “Have You Ever Tried to Sell a Diamond?”

Now, it’s well-known that De Beers is far from the most beneficent corporation in the world, and the brutal story of “blood diamonds” has been the topic of hip hop songs and movies alike. But before those atrocities could be committed, someone had to invent a perception of value. Finally in this article I have documented proof (in extensive detail) of what my gut has been telling me for years.

Interestingly enough, and I had not noticed this initially, the article is actually from the February 1982 issue of the magazine. It speaks of several developments in recent years (those years being the late ’70s and early ’80s) that would threaten the De Beers monopoly. Now, I haven’t been a close follower of the diamond industry, but I know De Beers still rules the roost.