This is why diamonds aren’t rare or valuable

Following World War II, the American public enjoyed increased upward social mobility. The lower and middle classes were more aspirational than ever before - and they looked to the status symbols worn by their Hollywood idols as markers of success. “We spread the word of diamonds worn by stars of screen and stage,” the agency posited, “by wives and daughters of political leaders, by any woman who can make the grocer's wife and the mechanic's sweetheart say 'I wish I had what she has’.”

“Women are in unanimous agreement that they want to be surprised with gifts,” Ayer asserted. “They want, of course, to be surprised for the thrill of it. However, a deeper, more important reason lies behind this desire.... ‘freedom from guilt.’ Some of the women pointed out that if their husbands enlisted their help in purchasing a gift (like diamond jewelry), their practical nature would come to the fore and they would be compelled to object to the purchase.”

Meanwhile, De Beers continued to manipulate the diamond trade. In the 1960s, they successfully absorbed newly-discovered soviet diamonds into their supply. However, these Siberian-mined diamonds were smaller. As such, Ayer adjusted their campaign. Again, celebrities were used, but this time they sported smaller stones. Promoting a focus on quality over size, terms such as “clarity” became a part of the modern discourse on diamonds.

However, there remained an odd trend in this form of commodity. Diamonds had become a big, if not exclusive, part of popular culture. But for all their beauty, charm and perceived value, they were impossible to sell. Of course, this was no accident. A thriving secondhand market could affect the prices of firsthand diamonds. Ayer had therefore attempted to instil the idea in the general public that diamonds were to be cherished rather than sold on. But importantly, when one does attempt to buck the trend, they’re faced with that rarest of situations - where the price is set not by the seller but instead by the buyer. Fifth Avenue jewellery stores are known for having a “no buybacks” policy on their diamonds and the companies which do buy them secondhand will seldom match the price which was paid.