"I'll focus on whether diamonds are worth the exorbitant sums charged for them. Answer: Of course not. Prices are kept high by a cynical cartel that preys on vanity and stupidity."Cecil goes on to explain that diamonds are an artificial monopoly, and in fact De Beers corporation has been convicted in an antitrust case pursued by the US Justice department, which so far has done nothing but make De Beers fork over the $10 million fine out of petty cash.
Thursday, December 13, 2012
Diamonds: A big, fat scam
If you're thinking of buying a gift for your sweetheart this Christmas that involves diamonds, you might want to think twice after reading Cecil Adams' column. From the site: