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It is rarer than many minerals, yes, but not enough to justify the astronomical prices. The global diamond supply chain is controlled by a handful of powerful companies that cooperate to maintain scarcity and keep prices high.

The idea that engagement rings "must" have a diamond only dates back to the '40s and is entirely down to De Beers' marketing. The same company spent a fortune promoting the idea that synthetic diamonds are somehow inferior and developing tests to distinguish them, even though they're chemically identical and the only way to tell them apart is that natural diamonds are lower-quality, with more flaws and less clarity.

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