Ha, they quickly stuck a date in the title. ;) I was going to comment this is a "pre-internet" story. The film Blood Diamond came to mind as I was reading this, and the "Diamond District" in New York City. Lots going on behind the scenes in the "diamond industry". This is a superb lesson in 1. artificial scarcity and 2. how consumers can be conditioned to accept new symbols (a diamond is just a rock; but what does a diamond "mean"?). Both are principles that, for better or worse, apply to how business is done on the web.