At least not when the free market gets involved and upsets the foolish, contrived, immoral, spectacularly financially successful diamond cartel. De Beers created the market in Japan after WWII (don't you want to be like the West which just beat you?) but that's another story.
Edward Jay Epstein has been on this story for decades. Click on the title of this post to read his latest at TNR about the troubles of the diamond cartel. And if you have a diamond and think it is worth a lot, just trying selling it. Good luck with that one, chump.