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Lab-grown diamonds have helped diamond prices plunge 60%, and former monopolist De Beers is in crisis mode. One day asteroid mining will do the same for gold. (futurology.today)

submitted 2 weeks ago by Lugh@futurology.today to c/futurology@futurology.today

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Diamond prices are down 60% since a 2011 high, and they are still falling. It's not all down to lab-grown diamonds, demand is down too, especially in China.

No one can lab-grow gold yet, so its rarity and scarcity protect its value, but that will end too. It's just a question of when. China launched an asteroid touch-down mission this week, which will make it the 4th country/region to do so, after Europe, the US & Japan.

How soon will it be feasible to mine asteroids? Who knows, but a breakthrough in space propulsion might mean the prospect happens quickly when it does. It's possible gold has twenty years or less of being high value left.

The $80 Billion Diamond Market Crash Leaves De Beers Reeling

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[–] plyth@feddit.org 3 points 1 week ago (1 children)

If the price of gold plunges one day, it should already plunge today. In other words, the probability for success of those mining operations is low.

[–] Honytawk@feddit.nl 2 points 1 week ago (1 children)

Why should it already plunge today? The demand/supply is still the same.

But it will not be the same when asteroid mining increases the supply tenfold.

[–] plyth@feddit.org 1 points 1 week ago

True if used in production. But it's used to store value. If I know gold will be worth 50% next year, I am not willing to pay full price today if I want to resell it then.

[–] socsa@piefed.social 3 points 1 week ago

Careful there, you'll trigger a lot of gold worshiping tryhards

[–] Kolanaki@pawb.social 3 points 1 week ago* (last edited 1 week ago) (3 children)

Are they able to lab grow the same kind of gem quality diamonds that you usually think about when it comes to jewelry, or is it still mostly industrial applications (such as diamond tipped drill bits)?

[–] Honytawk@feddit.nl 1 points 1 week ago

It is the blood and slavery that make natural diamonds so valuable /s

[–] squaresinger@lemmy.world 0 points 1 week ago

Lab grown diamonds are much better quality than natural diamonds. So now natural diamond companies are moving to the "imperfections is what make a diamond perfect" strategy. But nothing's stopping labs from growing diamonds with imperfections if that's what the people are after.

All in all, diamonds have always been mostly a scam and it's showing more and more.

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[–] eleitl@lemm.ee 3 points 1 week ago

The rocket equation wants to have words with you.

[–] Montreal_Metro@lemmy.ca 0 points 2 weeks ago

If one day there are folks mining asteroids for gold they will not be humans as we will make ourselves extinct before that ever happens.

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