Diamonds Are Not Forever: The 90% Crash of 1979
“A diamond is forever.” That is probably the most successful advertising slogan in history. De Beers spent decades convincing the world that diamonds are rare, precious, and eternal stores of value. But Chapter 12 of Torsten Dennin’s “From Tulips to Bitcoins” tells a different story. A story where investment-grade diamonds lost 90% of their value in twelve months.