Diamonds and Their Perceived Value
Diamonds have various uses; they are used in making engagement rings, jewelry, and other ornaments. The perception of fee on diamonds varies from one person to another. Some people perceive it a precious item in their lives. However, some believe they are very expensive. There has been concern about the artificial diamonds intimidating the diamond firm. The arrival of artificial diamonds in the markets poses a lot of challenge since it is hard physically and chemically distinguishes them from real diamonds. Some people accept as true with that diamonds are worthless since they do not pose an intrinsic price. A section of the people maintains that they price diamonds and it gives them uniqueness.
Factors Affecting the Worth of Diamonds
One of the factors that determine the worth of diamonds is their cost. The cost of diamonds has been propelled so high and thereby making them scarce (Tzeng et al. 12). Moreover, some studies have established that there are some diamond industries that exaggerate the inadequacy of diamonds and even proposing that the entire diamonds are relatively worthless. The implication these industries create is that diamonds are in short supply. On the extraction of diamonds are believed to form deep within the Earth under massive pressure, thereby making them appear like precious objects that are difficult to obtain. As a result, their cost increases. More to this, the industries that deal in diamonds sell them expensively to their customers. Additionally, these industries hold that diamonds are relatively rare and difficult to extract. Therefore, most customers are left with an option of either buying expensively or considering buying it another time.
Diamonds as a Symbol of Status
Another section of people argues that diamonds are symbols of top status. Similarly, some people believe that diamonds are not investments (Dyke, Ontario, and Arthur 13). They contend to the fact that they spend a lot of cash in buying diamonds that many people who seek status to buy diamonds should be used in other investment or even taking them to the society to help the less fortunate. Furthermore, the critics of diamonds claim that it is a piece of rock that costs a lot of money without value. However, those who support diamonds argue that their happiness is paramount (Tzeng et al. 7). Moreover, those who argue that diamonds are not counterfeit claim that diamonds are a symbol of their hard work and success. This paper seeks to examine whether diamonds are worthless. The paper would also review other scholars' view on the issue. Therefore, the paper contends that diamonds are worthless due to their cost and scarcity.
Annotated Bibliography
Dyke, Ontario Gold, and Arthur T. Stone. "They sold their farms on account of the pebbles, and the pebbles were diamonds." (2014).
According to Dyke, Gold, and Arthur, diamonds have made many people sell their lands for the extraction of diamonds. The authors argue that if the extraction of diamonds can cost the community their valuable lands, then it will not add value to their lives of the community. Thus, the implication is that diamond is worthless (Dyke, Ontario, and Arthur 8). The authors assert that the extraction of diamonds is expensive. This makes it very scarce and therefore expensive to buy.
Tzeng, Y., et al. "High-Quality Flame Deposited Diamond Films for Infrared Optical Windows." Applications of Diamond Films and Related Materials: Proceedings of the First International Conference on the Applications of Diamond Films and Related Materials-ADC'91, Auburn, Alabama, USA, August 17-22, 1991. Vol. 73. Elsevier, 2013.
In the view of Tzeng and others, the use of diamonds has been precipitated by the videos that have acted as advertising agents. They authors argue that through the videos, most people are influenced by what they are viewing on the videos. More to this, the authors contend that the video, as well as advertisement, has boosted the demand and sale of diamonds (Tzeng et al. 12). Overall, the authors have also covered the cost of extracting diamonds.
Mitchell, Lee. "Grief is Worthless: Identity, Consequence, & Close-ups in the Counselor." Cineaction 98 (2016): 49-2.
This article asserts that diamonds are a symbol of identity. The article holds that many people, who seek to ascend to top status, usually go for diamonds despite their prices. The author believes that if the people who value diamond can afford them, then there should be no complain if they buy them (Mitchell 42).
Shankar, Nitin. "Cool Laser for Cutting Diamonds." Laser Technik Journal 12.4 (2015): 27-29.
This article argues that diamond cut has been going for a laser cut tool which can slice through the diamond without damaging them. Also, the article argues that raw diamonds can comprise of inclusions within the form of the non-diamond mixture materials, making them vulnerable to damages from extreme heat during the process of laser cutting (Shankar 27).
De Laveleye, Émile Louis Victor, John Armitage, and Joanne Roberts. "Luxury is Unjustifiable." Cultural Politics 12.1 (2016): 42-48.
The article holds that diamonds give luxury and that luxury is justifiable. The author reveals that diamonds can never be worthless. The report asserts that diamonds have believed to have particular practical use in the industrial sector. They use synthetic diamonds; they do not appear as lovely, although possess similar uniqueness. However, some people have claimed that diamonds have a lot of value since they can fetch a lot of money (de Laveleye et al. 42).
Whiteley, Bryn Elizabeth. "Diamonds: Cultural Representations and Transformations of a Girl's Best Friend." (2016).
The authors assert that the great accomplishment of the advertising industry created a diamond culture in which diamonds are continuously linked it to images of status, love, and devotion. Given that Diamond has positive associations. The article explores the cultural values that are attached to diamonds (Whiteley 9). This article covers subjects such as how jewelry from diamonds has become ingrained within the American consumer culture.
Hirota, Shinichi, and Shyam Sunder. "Price Bubbles sans Dividend Anchors: Evidence from Laboratory Stock Markets." Behavioral Interactions, Markets, and Economic Dynamics. Springer Japan, 2016. 357-395.
The authors experimentally explore the way in which investor decision influences the arrangement of stock costs. The authors established that where investors gather dividends till ripeness, prices join to the primary levels obtained from dividends t by backward induction (Hirota, Shinichi, and Shyam 357).
Cook, Robert B. "How to Find Genuine Diamonds in Arkansas hosted by Glenn W. Worthington. Available through Mid-America Prospecting, PO Box 1063, Murfreesboro, AR 71958. 84-minute DVD; 2008; 19+ 5 shipping and handling." (2014): 92-92.
The author argues that genuine diamonds are rare to be obtained. He claims that the markets are flooded with fake diamonds. Additionally, he claims that many people move in different places to look for genuine diamonds (Cook 42). He argues that the diamond business exaggerates the inadequacy of diamonds and even proposing that the entire diamonds are relatively worthless and are not in short supply at all.
