I'll also add that diamonds don't expire or go down in price. Storage costs are also very cheap compared to pretty much any other product. Basically, they are extremely cheap to hoard until they sell for the price that the owner wants them to sell for.

[–] feedum_sneedson@lemmy.world 2 points 1 year ago (1 children)

I'm sure they can go down in price.

[–] TopRamenBinLaden@sh.itjust.works 2 points 1 year ago* (last edited 1 year ago)

You are right. I guess I meant to say that there is no incentive to lower the price, because storing them is dirt cheap. The people that are hoarding them are able to keep the price high, unlike most other goods that have some sort of a shelf life or a smaller period of time to make profit.