Technology is changing many aspects of life. Over the last year, I wrote a number of articles detailing how many "wealth" items could end up becoming demonetized by technology.
The most cited example is the idea that asteroid mining could somehow affect the prices of commodities/minerals on Earth. While asteroid mining could be a part of our future, it is not a threat to the prices of commodities, especially gold, here on this planet.
If it does become a reality, those minerals will be used for development in space.
Where technology could alter the global gold market is underneath the oceans. There is an estimated $500 trillion worth of gold under the sea, something that we cannot access. This will not be the case forever. With advancements in robotics and drones, we could see automated underwater mining systems in the future that are able to extract trillions worth of gold. The supply/demand balance could be forever changed.
Diamonds are a different story.
It appears that we are not dealing with some futuristic technology idea that could affect the global market. Instead, we are seeing advancements made now that could cause the diamond market to crash.
One thing we must state is that diamonds are more than just a symbol of wealth. For example, diamonds are likely to operate as memory in future quantum computers. Therefore, we will see an increase in demand going forward.
We also know that diamonds is a heavy controlled market. Many believe it is manipulated by a couple major players. They control the supply to keep the prices elevated. This does not bode well for businesses that require access to these gems.
For this reason, some of the technology breakthroughs could be the answer.
Dale Vince, the founder of green energy supplier Ecotricity, claims to have developed the world’s only diamonds to be made from carbon, water and energy sourced directly from the elements at a “sky mining facility” in Stroud in the UK.
The “green technology first” uses carbon dioxide captured directly from the atmosphere to form the diamonds – which are chemically identical to diamonds mined from the earth – using nothing more than wind and solar electricity, with water collected from rainfall.
Vincent went on to say:
“Making diamonds from nothing more than the sky, from the air we breathe – is a magical, evocative idea – it’s modern alchemy,” said Vince. “We don’t need to mine the earth to have diamonds, we can mine the sky.”
Vince says his company can produce 200 carats a month but expects it to scale to 1,000 a month within a year.
The materials sciences is making huge advancements. We are seeing a trend to "lab grown" in many areas. Why should diamonds be any different.
Essentially, we are moving towards a future where items are build atom by atom. The basic building blocks of life are within our control. By manipulating them in different ways, we can end up developing minerals that only nature previously could make.
In this instance, we are discussing making diamonds literally out of thin air.
The diamond business is a dirty one. With the toll of human slavery along with the impact on the environment, creating these items in a lab could offer extreme benefit. It would flood the market with supply, thus bringing down the price for companies that need it.
Of course, that rock you bought for your wife will not likely hold its value. But, then, it never did.
Here we see how technological advancements can alter major markets and their pricing.
It is best not to believe that things will hold their value forever.
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