A diamond is worth what people are willing to pay for it. Just cause you don’t think they should be expensive doesn’t mean other people agree with you.
There are good reasons to talk about the value of something in both a subjective and an objective way. The amount of money something is going for generally in the market is an important number for some purposes, and the amount of money you'd personally pay is also an important number for other purposes.
Valuation isn't objective, and it isn't a logic question that can be reduced. Value is subjective, and therefore the value anyone honestly pays for any object is _always valid_.
That is absolutely not my default position. Respect of that sort requires earning and it's pretty rare anyone manages to do so.
> your judgement of value is not more or less valid than the judgements of others
Have you ever met humans? Never driven through a "Cash for Gold, Guns and Pawn" neighborhood? I am very confident that there is such a concept as value judgement systems being more or less useful to the folks that employ them.
> Valuation isn't subjective and and therefore the value anyone honestly pays for any object is _always valid_.
Im not sure what mistake(s) you are making in your life that you seek to justify through this belief system you've outlined here, but the fact that you do feel justified indicates to me that is of the flavor (majority-identity affluence) of owning a suit the price of which could feed a word-median-income family for a year or a luxury sedan for which you paid more than some folks' entire lifetime earning potential, which sure, man, you can do whatever you want because you have been blessed with the privilege and I don't really feel like arguing about that.
The fact of the matter (and you can use this to judge me however you feel like and dismiss the entire concept of having any responsibility for what you choose to value or accepting the consequence of other people being free to judge you for it) is that my mother doesn't cook, eat healthy meals, or have food in her fridge because she "has no money" because, while she makes quite a lot of money in global economy terms (and well above average even for her socioeconomic background in the US) she has a value system where she will value booze or drugs or fast food more than having cost effective and nutritious meal options or any amount of money sitting in any kind of liquid form. She doesn't go to the doctor when she should because despite having a really good government employee health benefits, she doesn't have the cash on hand to cover the (relative to her income) trivial copay amounts and because she values "not having to know how bad it is or do anything about it" more than "knowing what I need to do in order to be healthy". I will get to watch her suffer and die as a consequence of her value systems, powerless to help her without jeopardizing my own quality of life because of the ramifications of this assertion of yours here being false.
PS: Not to be confused with the third category of “wholesale” diamonds that’s simply retail with lower overhead.