The logic behind the fact that people are willing to pay more for a diamond than for a bottle of water is the following: it is “impossible” to get more diamonds than you could ever want to own.
Water, on the other hand, is something that every human being needs to drink, and therefore everybody is in need of it. This means that nobody is willing to pay for water in the first place. It is also not sustainable, and we will eventually run out of it, which means that you could actually pay a lot more than the value of a diamond for that water.
Diamonds are rare
Diamonds are rare, and as a result, they are very valuable. This means that just about everyone has heard about them, and it is almost impossible to go anywhere or do anything without seeing them.
However, it also means that they are common, almost so common that everyone owns one. This makes them novel and different, and we are willing to pay more for them than for common, everyday things.
Well, the rarer something is, the more people want it, and the more they’re willing to pay for it.
Water is not a scarce resource compared to diamond
Water is essential for life on our planet, and its abundance is often taken for granted. Yet, the United Nations estimates that by 2025, about 2.8 billion people will live in water-stressed areas of the world, and that number could rise to 4.8 billion by 2050.
By then, nearly two-thirds of the world’s population will be living in areas with moderate water stress and about one-third with severe water stress.
There is a common misconception that water is a scarce resource. While it is true that much of the earth’s surface is covered by water, the majority of this is salt water, which cannot be used for drinking. Of the freshwater we have available to us, only 2.5% is suitable for human consumption, and of this, only 0.007% is available for use.
Of this tiny fraction, 3% is frozen in the form of ice, which even if it was melted would still be too salty to drink. This means that only 0.003% percent of our freshwater is available for use.
Bottle Water is kept in the refrigerator where as diamonds are kept in a fireproof safe
Bottle Water is kept in the refrigerator whereas diamonds are kept in a fireproof safe. When comparing a bottle of water to a diamond, the vast majority of people will choose the diamond.
While diamonds are considered to be a girl’s best friend, they have been traditionally been a symbol of wealth and status. For centuries, diamonds have been associated with royalty and have been used as a symbol of eternal love and devotion.
However, it is believed that diamonds are actually more numerous than water and although diamonds are more expensive, water is truly priceless, and will never lose its value.
Even we are more careful with our water but diamond has another value in our life
As we all know, diamond is one of the hardest materials. A natural diamond is so strong that it can cut glass. Even though so many people are more careful with their water, diamonds have another value in our life.
Diamonds are a symbol of love. It is one of the most valuable and precious things on Earth. Diamond has many uses. It is used in jewelry to adorn people’s lives.
Most people spend their entire lives without ever coming into contact with a real, honest-to-God diamond. They might get their hands on one for a moment say, to get it appraised at a jeweler’s or simply to try it on in a jewelry store but they’d never get the opportunity to wear it, keep it, or even keep it for themselves.
You know how they say that people are willing to pay more for a diamond than for a bottle of water because the diamond is rarer? I think so because diamonds are more valuable, rare, affection of people, and so on.