Will the synthetics hype die off?
Friday, June 21, 2024 | 480 Views |
Real deal: Masisi has taken a stand to be the global champion of natural diamonds PIC MORERI SEJAKGOMO
During the recently ended Future of Mining summit, one common thread ran across the speeches of executives: the fear of synthetics. If synthetics aren’t all that, then why is everyone talking about them?
Speaking economically, diamonds economically are part of a segment of goods called Veblen. Their prices positively increase with their demand and companies like De Beers have thrived and excelled due to the ability to convince the market that there is such a limited number of diamonds in the world that each one is worth tussling for, sold to the highest bidder.
That sounds like good news. But the report also warns that this may simply be because our digital economy is still young, not because we are safe. As more people shop, bank and pay online, criminals will follow.We Batswana do not need a report to tell us that danger is real. Many of us have heard of or fallen victim to KYC scams. A caller impersonates your bank or mobile money provider. They say they need to “verify” your account. They ask...