How we can reduce the price of diamonds

I had absolutely nothing to do with the diamond market reaching ~30r per diamond a year and a half ago.

... right?

This is the main reason I started the exchange market, so as long as people knew about it, the price would even it self out. If super cheap diamonds hit the market, people would buy them all and fill the expensive chest. Or if super expensive buy chests went up, people would buy all mine and flood their chests.

The same system is now used in many large shops, creating an ever evolving and dynamic market. The prices going up is just part of any economy. If they get high enough priced, people will go mine them to make good money. Too low, and they just buy them.

Supply and demand ftw

Me and you both

EMC economics follows real life economics as much as Minecraft physics follows real physics!
tee hee sorry, I had to.

Maybe yall should just sell me diamonds for 50r each. I PROMISE i wont sell them for a higher price ;P

BTW: It seems since voting rewards now include diamonds, the price of them have stayed at ~70r each.

I still see the normal diamond price on smp8 at 50r or even lower

When I joined, diamonds were at ~40-45r per (they later dipped to 30r). I got a 100r sign on bonus, and there were two sites I could vote on to get another 100r total. That is 200r, so 5 diamonds on a good day. Now, I get 100r (default) sign in bonus, and 1100r from voting, without any voting bonus. At even 75r, that is 16 diamonds per day.

My bum diamonds are expensive, they are way too cheap.

Same as Luckypat i remember them 30r when i joined 662 days ago

When I joined, diamonds were around 30 rupees, and I'm surprised the prices have gone so high. And I do mean high. You can get diamond ore at /shop cheaper than most mega "malls". Let's use 2000 as an example. 240r per ore, but at /shop, assuming you buy a stack of diamonds, that's only 235r per ore. (I also remember when diamond ore was only 130r each). Well, I guess you only save 130r when buying at the Empire shop, assuming I did my math right. Anyway, I'm pretty sure the Empire shop was made to be more expensive, so you'd only buy there if you have to. Somebody correct me on that if I'm wrong.

You have to keep a balance between your buy and sell price for players to supply your malls with diamonds or any other item. It has to be worth their while and they have to feel that they are not being ripped off. On the other hand the shop / mall owner has to make a profit as some items will reduce in price at times and when the demand drops and when the market is flooded with that item.

So for example a mall owner buys diamonds at 66r each and sell at 69r each, they have a 3r margin which is not much. If demand increases they can increase there sell price and make more from what they have bought which helps the mall owner. However if demand drops they have to sell below the 66r that they bought them for then the mall owner looses. As long as a careful eye is kept on the market a balance can be kept and the mall owner who does the work is fair then both they and the seller / supplier will do well.

If you look around at the well established malls you will see that they keep a good balance between the buy and sell price.

I make more rupees by supplying my own shops then from players supplying me, but it takes time and hard work it does not come from sitting back doing nothing. So if you want to earn rupees you know what to do set up and run a really good shop your self or go mining / chop trees and supply malls. When I was starting out I mostly supplied other shops to build up finances I still do this from time to time.

Just maybe though, right?

I vote innocent...

Qiaodude1 sold them for 30r about a half year ago he quit now though

I believe that a lot of diamonds came from xray and duplication hacking which occurred before. These diamonds would be sold cheaply to generate quick profits and flooded the market with cheap diamonds. Now that significant measures have been taken against cheating and it's nearly impossible to do without getting caught, the only diamonds come from legitimate mining operations.

In the past, the derelict policy was also very relaxed, so you could disappear and your residence would still be there months later. Lately, the policy has been enforced more rigorously, and as a result a lot of diamond stashes have been permanently lost. Any time anyone loses their res, all their material is lost from the economy.

I do believe that diamond prices are on the fall because I made 20k from a few stacks, which took a few hours only. Given 4 weeks I could make a million rupees off diamonds alone.

Diamonds on SMP8 were 45r each when I joined (around 830 days ago) and diamonds on SMP8 remain common at 40-50r each today.

I've bought diamonds for 32 rupees each when I joined. But honestly, with all the money you get from voting, I think they really aren't overpriced.