[DML] Re: DMC to Diamonds

[Mike Substelny <msubstel@xxxx>]

Lee wrote an essay with such a catchy title I just had to respond. He said:

> Take Diamonds (My family jewelry business for over 70 years as an
> example) for instance...Does any one really believe that they are so
> rear that just a few grams should cost thousands? Of course not!
> Diamonds are in plentifully supply, by the ton! The are actually grinding
> up gems to use in industry, the reason the price has remained high is that
> just a small hand full of mine owners have total control over the distribution
> and there fore the price.

The (sometimes dubious) science of Economics tells us that all value comes from a combination of scarcity AND utility. That is, something can command a high price if it is rare and someone believes it will be useful for some purpose.

Lee correctly points out that the diamond industry has succeeded in artificially making diamonds difficult to obtain. However, this is only half of their success. It is just as important that they have artificially forced diamonds onto us as a cultural necessity. If you want to get married, you need a diamond. If you give someone a diamond, it means you love them.

This would work for DeLoreans, too. All we have to do is create an artificial excuse to for someone to need a DeLorean.

Our culture gives us wedding anniversary traditions like paper, gold, silver, etc.. Why not a "Stainless Steel Anniversary"?

A DeLorean is the thoughtful, perfect gift for St. Patrick's Day.

A fitting tradition would be that everyone must drive a gullwing DeLorean if they want to watch the swallows come back to Capistrano. (Be sure your A/C is working, I hear San Juan can be pretty warm).

I am sure there are some even sillier possibilities for DeLoreans. Frankly, they are not as silly as the social rule that says you can not get married until you buy an overpriced chunk of carbon.

The point is that diamonds are only expensive because consumers believe two things about them: that they are somewhat rare and that owning one is necessary for their happiness. Everyone knows DeLoreans are a lot rarer than diamonds, the trick is to convince consumers that owning a DeLorean will make them happy.

- Mike Substelny