Why is gold worth what is, why do we value gold??

[Measure_for_Measure]

@RickJay

Yes, of course, I remember when the De Beers programmers came by and brainwashed all my female relatives.

Would any of them even consider a pearl engagement stone? I’m not asking what they would prefer, I’m asking what would be dismissed out of hand.

DeBeers cleverly established the equivalence of Diamonds and wedding rings in the early 20th century. They did this partly with advertising, and partly via clever marketing such as giving freebes to certain movie stars and celebrities.
Passing all this off as “Supply and Demand” betrays circular reasoning. Demand is dependent upon consumer preference and the latter can be manipulated.

[Dewey_Finn]

More recently, De Beers brought the custom of the diamond engagement ring to Japan. Per this article, less than 5% of Japanese brides received a diamond engagement ring in 1968. After De Beers’ ad campaign, that number increased to over 60% by 1981.