Why is an artificial diamond cheaper than a natural diamond though both are carbon compounds?Explain alone with the effects of it in our life.
The value we place on things is not always related to the chemical makeup of the object. Naturally occuring objects usually have a higher value on them because they are found in their rough, uncultured, wild state and have to undergo a period of refinement to accentuate the qualities that make them valuable. Synthetic, or artificial diamonds, may be composed of carbon atoms, but so is coal, and so is graphite. It is the arrangement of those carbon atoms, the bonding between the carbon atoms that give natural diamonds their hardness. There is also a relationship that exists between supply and demand. Artificial diamonds may be produced whenever demand dictates, keeping costs lower. Natural diamonds, however, rise and fall like the stock market in terms of availability. When something is scarce, the demand rises, along with the price. When something is in abundance, the demand falls, along with the price.