Thursday, November 18, 2021

Why does De Beers' sell bags of uncut (and unappraised) diamonds for a single take-it-or-leave it price?

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)

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