Storing value has been a problem for humanity since the start of our civilization. We made so many attempts to solve it, but they worked only for a short period of time. The breaking point of all attempts was always choosing a physical object that was scarce at that moment.
But what about the ones that are not scarce? What about the idea that value exists when it does not?
The diamond seems to be one of these ideas. Some people say that all the value is a lie, that it never existed. This splendid stone is so common on Earth, but it is always found and kept in dark rooms away from the public so that the price can remain high. It was always about marketing: telling a made-up romantic story that marked people and modified their behaviors for more than 100 years.
In the age of technological advancement, I am not surprised that for years we have had a solution to produce diamonds.
What’s the difference between a natural diamond and a synthetic or “lab-grown” one?
From a purely scientific viewpoint, they’re identical, says gemmologist Dusan Simic.
This shows you that in any business or industry, there comes a time when you have to adapt, reinvent yourself, or you will fail. The people who built that industry will try to find ways to stay in the same place. They are not capable of adapting and can’t see that they have already lost.
If I have piqued your interest, you can watch the eye-opening documentary about diamonds, Nothing Lasts Forever (2022). In my book, Brand. Do What You Love, I have a full chapter about the history of entrepreneurship and, coincidentally, have written about how the diamond story was invented by the most emblematic Advertising Agency, Ayer.