Diamonds are a scam | Saifedean Ammous and Lex Fridman 

Lex's topic with every other guest "Why Lex is single", Lex here: "Im gonna give my wife water"

Doing some research for my future argument with my future fiancé

No woman would want a diamond ring if it cost 10$. So it is not about the diamond, it’s about the money

If you've ever tried to sell a diamond, you'll be all too familiar with this particular scam. These shiny rocks depreciate faster than produce.

We need to make this video go viral. So many homies sweatin' the ring.

every one knows this. diamonds are meant for women to prove a man is willing to make catastrophic financial decisions for her

"All you need is water and bitcoin". I would like to add cannabis to that as well.

Diamonds maybe a girl's best friend, but it's an investment's worse nightmare. I bought a pair of diamond solitair earrings 20 years a go. I tried to sell them the other day, they offered me 20% of what I paid.

Artifitial diamonds are actually significantly more perfect than regular diamonds.

There are warehouses in Israel which have mounds of diamonds 30 feet tall, like you pour out sand and it forms a mounded pile like an inverted cone. Each mound a different grade and or color classification. Not one warehouse with one mound... multiple warehouses with many mounds each. Guarded by the US military.

I’m old school, gold is the real thing!

Seriously? People dont know that? Just buy a rock and them try pawning it. You’re lucky if you get 50$ for a rock that set you back thousands! Diamonds are not rare. Dabeers are sitting on warehouses full

Good luck convincing your fiance that diamonds have no value. 😅😅 You're going to be labelled a giant cheapskate.

My wife has a gold and sapphire ring. Diamonds are just carbon.

I respect his honesty. Great video.

You could show this to every person on the planet and people would still buy diamonds. Hard to convince morons not to part with their money for shiny transparent rocks. People get mocked for liking crystals then wear them on their wedding rings and chains.

Diamond is like the pebble a penguin gives :)

Every humanoid likes shiny things

but diamonds are shiny

Pot meets kettle. Imagine this guy talking about scams. How about having maybe a single crypto skeptical guest instead of an endless parade of shills?

my brother is getting married soon, hopefully i can talk him out of getting a diamond

Diamonds are not rare nor scarce.

So is marriage.

DeBeers diamonds owns 90 present of diamond market. They control how much comes to market. Diamonds are not rare. Its artificially scares. Ruby's are very rare. Get a Ruby ring.

Gold jewelry will be valuable in 5000 years when future humans start digging up our world for archeology. Diamond jewelry will be worth only the bespoke price in a 100 years.

Ever try to sell back a diamond to the same store you purchased it from? Eyes get opened quickly as to the stones actual value.

"You buy your first diamond when you are going to get married" African Americans: HUH?

DIAMONDS ARE FOR SUCKERS. I CANT EVEN BELIEVE P ARE ACTUALLY STILL GET RIPPED OFF De Beers made one of the steepest cuts to its diamond prices in years, as the world's top producer tries to revive gem sales after the market ground to a halt. The industry almost came to a complete standstill in the second half of 2023 as the two biggest miners all but stopped supplies in a desperate attempt to stem a collapse in prices.

Diamonds are gross

Is it true that to test a diamond to see if it's fake you just need to drop it into a glass of water?

yeah but u will buy an nft for millions gtfoh.. U ever heard about a diamond cut? A diamond is very strong and a good conductor.. and crypto is the future for this guy omg.. lex this guy was in amway so be careful

At the margin

Diamonds are a scam because units of air are free

The globe is a scam.Drop the cgi intro.

Blood diamonds have been a known thing for a while yet most people still patron the industry without batting an eye. It's just like how people will continue buying iPhones even if they know about foxconn or Nike and their sweatshops.

Rather buy gold or silver ring

2:01 Oh, tat advice aged poorly

In the end all things end in favor 🇮🇱

Everything is a scam

Diamonds are a scam. Boycott!

It is just one more illusion for those who thought they were rich . Według mnie w ten sposób starają się dowartościowywać panie z kompleksami tak jak zakompleksieni panowie próbują dowartościowywać się nowymi modelami samochodów , innymi gadżetami technologicznymi , coraz to młodszymi paniami u swojego boku , kochankami a gdzie niegdzie nawet haremem składającym sie z większej ilosci pań . Cóż ... Każdy jest kowalem swojego własnego losu . Nikomu nigdy w życiu źle nie życzyłam . Mamy wolną wolę i każdy z nas sam obiera swoją życiową drogę , podejmuje decyzje w swoim życiu i ponosi za nie odpowiedzialność . Tym właśnie jest życie .

😝 hahahha

I have an idea about diamonds.. Anyone else? Totally fing worthless

sorry but this is really inaccurate to say that artificial diamonds are indistiguishable from natural ones. This guest is definitely talking over his head I must say, when you go to the root of things, it is definitely extremely legit to wonder why diamond, and likewise gold, which have arguably outstanding physical properties, have been spotted out as amongst the highest value assets. Scarcity (denied by the host) being one of the argument (I wonder how much this was known at the time of Pactole), but this appears to go way beyond. Joking about this is simply a way to pretend being smart, which does not reach very far eh...

So, he thinks that we should pay for air as well?😄 It should be basic right. To have water. Diamonds are ridicoulus, I agree.

0:36 is this a serious question by mr ammous? because it implies evil. If water and life essentials alike were a commodity wich is priced by its importance for mere survival, hoarding would occur and endless suffering for actual no reason would be the result, oh wait, nestle.. lets turn this around, who are you to claim basic ressources, just to distribute them afterwards for large profits, while creating artifical shortage to raise prices? if you try to take my water from me dear brother, we end up as two animals on a small plot of dirt fighting for survival, who wants that? i sure dont. keep your hands off life essentials. I dont care if its food speculation, water extraction or healthcare. Just consider ethics, not to feel good about it, but because it makes actualy sense to not cripple your own population on a macro scale for the monetary gains of individuals who do not even gain an improved standart of living, but only influence, power. the time of old man with funny hats ruling the world is gone, adapt or be forgotten. When musk sends his sheep up on mars, will they pay for their daily dose of oxygen as an expense, cut from their salary? And what if they would want to ask for a better deal? Pretty rough basis for negotiation if your boss sits on another planet sipping champagne while they are dependend on him for mere survival, no?

This guy is a joke.

Diamonds are expensive but they don't scratch or tarnish. Cubic zirconia gets cloudy and scratches easily.

💎 or 🍺

A lot of people here saying things like "if you ever tried to sell a diamond, you know it's a scam." Of course you're not going to get anywhere near the market value if the person you're selling to is going to resell it. Even if they are really honest, they're not going to give you any more than about 1/3 of its value, because there's nothing in it for them. The point of selling jewellery is big profit margins.

Women know this too, but this isn’t why you get a ring (for better or worse).

Having water being cheap and diamonds being expensive isn't really a scam. Diamonds are a luxury. Water is a necessity and we as a society work to make sure water is in abundance. Diamonds we do the opposite, make sure their abundance is restricted.

Diamonds heh I'll make you some from my mom's antique lamp

Diamonds are just shiny glass. Gold is just yellow gold

Love to see guys speak technically about the usefulness of a certain object and try to assign a value to it. Talk to women you'll find one heck of a different opinion- discuss it and girls might say why do so many guys need a lifted truck for 100k when even girls know it's not for work- say that to a guy and some of them will get competitive say well I've got two Ferraris in my garage. Sort of like a girl up-grading her wedding ring to a 40k beast they can show off at special occasions. Lot of shit we produce and buy is useless it's just used for luxury, status, and also enjoyment if u can truly appreciate it, shit 30 years ago Toyota started taking Camrys, put leather and sound-deadening in it then they doubled the price started the entire brand of Lexus off the concept- it's also funny to see status brands like these can only be pulled off in certain countries where the consumer/society's desire is a certain way.

Diamonds aren't even that rare! Total scam

nooo wayyy really? we didn't know. wtf

When you discuss things such as precious metals or diamonds why do so many of these "experts" neglect to acknowledge that items such as precious metals have utility outside of their use as a currency which is exactly why they have real money value. Being "shiny" is only one reason giving a precious metal value due to scarcity - there are so many other industrial uses for things such as gold and silver which is why they have a store of value, which is why bitcoin and crytpo are bound to fail just like all other fiat currency.

This guy could have said what he said in 3 sentences

What ?! diamonds werent a thing before the 1930s ??

I love how this guy thinks diamonds are a scam, but Bitcoin is the most secure investment you can make.

Fake problem. Over 95% of diamonds are used for industrial purposes, mainly grinding.

I'll accept water lex..

In other words, a very longwinded explanation of supply and demand. LMAO, compare the volatility of diamond prices to BTC prices and decide for yourself which is more of a scam.

I always knew this to be true

Great clip

If you try to get a Diamond from nature you cant, unless you buy it. water you just have to wait aand the rain would do

Richard Heart owns the biggest cut diamond in the world, 555.55 carats The diamond seems to have come from space. That is enough to have him on your podcast. He is also a crypto personality and created some of the best projects in crypto. You should have him on Mr Friedman.

Let me know when diamonds rain down from the sky because I've seen water rain down all week.

Is it just me or does it seem like this guy thinks everything is a scam if it’s not Bitcoin.

Such a nonsense.. I think this guy has never built anything with his own hands. Making jewelry is amazingly complicated, needs a lot of skill and knowledge, plus you are dealing with very very rare elements. I would give this guy a raw diamond, and let him try grind and polish it into brilliant. And then try to make a beautiful gold ring for it... That is your price for diamond ring....

Bitcoin might not be the best investment

I heard there is technology to mKe artificial diamonds more higher quality than the real diamond. But woman want that real diamond. They want that blood diamond 🩸 💎