Podcast
Freakonomics Radio
It was mentioned as a book written by Edward J. Epstein who has been writing about the diamond industry for decades. He performed an experiment where he tried to resell a diamond and lost a significant amount of money.
While I was writing my book, I tried to sell a diamond.
— Episode: 203. Diamonds Are a Marriage Counselor’s...
Episode: 203. Diamonds Are a Marriage Counselor’s Best Frie...
It was mentioned as a book written by Edward J. Epstein who has been writing about the diamond industry for decades. He performed an experiment where he tried to resell a diamond and lost a significant amount of money.
While I was writing my book, I tried to sell a diamond.
I waited a week and then I went around to other diamond dealers on 47th Street and they were offering me things like three and four hundred dollars.
So I realized I was going to lose a great deal of money, which I did.
So they weren't going to pay that when someone tried to sell it. And diamond, of course, didn't gain in value. So you instantly lost 50 or 60 percent.