Marketing so good, you couldn’t tell it’s a scam
My First Million episode 871, in which hosts Shaan Puri and Sam Parr discuss how the diamond industry used marketing to shape what people pay for diamonds. They go through a short history of diamonds, how De Beers consolidated supply, the four Cs and the grading body that supports them, falling lab-grown prices, and a few related marketing examples. Sponsor: HubSpot, named in the episode description. PARTIAL COVERAGE: this note covers the opening, the history and De Beers section, the four Cs discussion, and the final segment, and does not cover every part of the roughly 32 minute episode. The hosts' claims about prices, history and industry practice are their own and are not independently checked. This is a summary of their views, not investment or purchasing advice.
Executive Summary (TL;DR)
My First Million episode 871, in which hosts Shaan Puri and Sam Parr discuss how the diamond industry used marketing to shape what people pay for diamonds. They go through a short history of diamonds, how De Beers consolidated supply, the four Cs and the grading body that supports them, falling lab-grown prices, and a few related marketing examples. Sponsor: HubSpot, named in the episode description. PARTIAL COVERAGE: this note covers the opening, the history and De Beers section, the four Cs discussion, and the final segment, and does not cover every part of the roughly 32 minute episode. The hosts' claims about prices, history and industry practice are their own and are not independently checked. This is a summary of their views, not investment or purchasing advice.
Key Takeaways
Lab-grown prices are falling
The hosts say diamond prices are down sharply from their peak, and give a 2 carat lab-grown stone price in the low hundreds of dollars, which one host calls the price of dinner. These are their figures.