[:: Astronomers Discover Planet That's Made of Diamonds... Vol. Ben Baller's Secret Stash ::]

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licensed to ball

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Twice the size of Earth and eight times heavier, this weird world may be at least one-third pure diamond. Forty light years away, the newfound planet couldn't be more alien to ours. Although it orbits a sunlike star, 55 Cancri e has only an 18-hour year, and surface temperatures reach nearly 4,000 degrees Fahrenheit. Graphite and diamond—rather than granite and water—most likely cover its surface, challenging the assumption that all rocky planets out there are Earth-like. Everything from atmosphere to biology on these alien rocks may be far more diverse than currently imagined.

But before you start looking into venture capital for mining rights, you may want to reread your F. Scott Fitzgerald. A planet's worth of diamonds would render the shiny objects of desire more worthless than the author’s fictitious diamond mine that proved to be his characters' moral undoing.
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BRB going to quit my job then go to the library to rent out books on building spaceships...
 
There's so much we don't know.  
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@ "a thousand rappers are gonna be bummed"
 
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i hope they send something out there and mine it all, lower the prices of diamonds on earth :lol:


yes im greedy, i want allen iverson earings for cheap
 
i wonder if there's a gold planet out there.
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anyways this is just more proof we should be putting more money to exploring the universe than putting money to wars. 
 
Jay02 said:
Kinda puts into perspective how pointless jewelry is.
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Couldn't agree more. To each their own, but it's crazy to me how people spend a normal persons yearly salary on a single chain. Again, no hate...more power to those who enjoy that lifestyle, but 50,000 dollars is so life-changing to so many people.

Can't understand how its constantly being spent on some damn rocks.

1000
 
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FutureMD said:
Thing is, diamonds aren't that rare anyways. 
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VA757VA said:
Why such a high price?I thought the rarity is what made it so desirable and expensive...
Not being sarcastic, truly wanna know...
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Partially true, although supply does exceed demand, regarding the classical economic terms, however true gem quality diamonds (over 1 karat) are still pretty rare and a lot of work is put in during mining.
However probably the true reason for such high prices can be linked to this man:

Cecil Rhodes
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He was the founder of De Beers, a huge diamond company, which has monopoly in the industry, at one point it was responsible for supplying 90 % of the worlds diamonds, now that number is between 40-60; it's position is similar to the earlier post this week about Luxottica.
 
nocomment6 said:
FutureMD said:
Thing is, diamonds aren't that rare anyways. 
Click to expand...
VA757VA said:
Why such a high price?I thought the rarity is what made it so desirable and expensive...
Not being sarcastic, truly wanna know...
Click to expand...

Partially true, although supply does exceed demand, regarding the classical economic terms, however true gem quality diamonds (over 1 karat) are still pretty rare and a lot of work is put in during mining.
However probably the true reason for such high prices can be linked to this man:

Cecil Rhodes
2vxm98o.jpg


He was the founder of De Beers, a huge diamond company, which has monopoly in the industry, at one point it was responsible for supplying 90 % of the worlds diamonds, now that number is between 40-60; it's position is similar to the earlier post this week about Luxottica.
Click to expand...
Part of the reason their diamond production has stalled is because of producers in Russia who have already overcome debeers in output. 

http://www.csmonitor.com/World/Glob...als-shiny-state-secret-It-s-awash-in-diamonds

In fact, the Oppenheimer family has been looking to cash out of the diamond business for years.

Maybe they see the writing on the wall that diamonds aren't going to be too profitable for much longer. 
 
yeah, I've heard about that, great read regardless. The "problem" with the russian supply is that it's mostly industrial diamonds, however it will have a great impact, when the supply hits the markets...if it fully does. The question arises, if they've known about it for so long, maybe they've been using it, thus they don't want to take it to the open market, just maintain most of the use for domestic purposes. Larger stones will still remain rare (for now) leaving prices high, as the diamond prices index shows, which has only dropped about 10% this year.

I suppose we'll have to wait and see.

Haven't heard that the Oppenheimer family wants to leave the industry, interesting fact. Although I think their descendants will be living of the wealth built for quite a few centuries....:D:D:D
 
nocomment6 said:
yeah, I've heard about that, great read regardless. The "problem" with the russian supply is that it's mostly industrial diamonds, however it will have a great impact, when the supply hits the markets...if it fully does. The question arises, if they've known about it for so long, maybe they've been using it, thus they don't want to take it to the open market, just maintain most of the use for domestic purposes. Larger stones will still remain rare (for now) leaving prices high, as the diamond prices index shows, which has only dropped about 10% this year.

I suppose we'll have to wait and see.

Haven't heard that the Oppenheimer family wants to leave the industry, interesting fact. Although I think their descendants will be living of the wealth built for quite a few centuries....
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:D:D
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http://mobile.bloomberg.com/news/20...stake-for-5-1-billion?category=/news/mostread

This pic was taken in 2006 (putin and oppenheimer)...These dudes been setting up business for a LONG time 

Even the NYTimes dropped this hint back in 2009. 

http://www.nytimes.com/2009/05/12/business/global/12diamonds.html?pagewanted=all

Russia strong armed their interests by threatening to flood out the market but instead entered a production deal with the biggest kid on the block. 

The Russians have been shifting their weight on diamonds.

ALSO, you know one of the main ways to tell if you've got a fake diamond? It has NO flaws. Thats how good the technology is these days. 
 
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Very good read FutureMD, thanks for posting that.

I wonder if Russia's joining of WTO will affect it's stockpiling of diamonds.

And well yeah AAL and Alrosa both have interests in undersupplying the market.
 
LiCeNseD To BaLL said:
Couldn't agree more. To each their own, but it's crazy to me how people spend a normal persons yearly salary on a single chain. Again, no hate...more power to those who enjoy that lifestyle, but 50,000 dollars is so life-changing to so many people.
Can't understand how its constantly being spent on some damn rocks.
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but ppl spend the same amount in one day called marriage to prove to a person that should already know that they love them...that infact they do love them so......... foolish=dumb
 
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