Diamond Is Forever a Game of Perception and Pricing Discussion

I’m studying for my Marketing class and don’t understand how to answer this. Can you help me study?

 

What is the true value of diamonds?

Are diamonds truly as valuable as people have thought for over 100 years? Or are they a product of a brilliant, lucrative marketing strategy?

Research the story of diamonds, such as DeBeers, and the “Diamond is Forever” marketing campaign, as well as other renowned distributors, sellers, brands (Cartier, Tiffany’s), and campaigns.

1. What factors contribute to the retail price of diamonds?
2. Do political, economic, and/or social factors have an impact on the price of diamonds?
3. What ‘game of perception’ is importance to the way customers view these precious gems?
4. Are diamonds elastic or inelastic? Why?

–200-250 words

-Minimum of 3 References required (no APA)