Yoram Barzel, writing in 1977, argued... “Had the contents of a particular bag been available for appraisal by all buyers,” Barzel explained: “[E]ach would have spent resources to determine the properties of the diamonds. …
In other words, because buyers were spared the costs of evaluating individual stones, they were willing to pay De Beers more for the average stone. (link)
Thursday, November 18, 2021
Why does De Beers' sell bags of uncut (and unappraised) diamonds for a single take-it-or-leave it price?
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