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The same reason they buy LV, Gucci, Chanel, Hermes.

It’s the same reason men buy Rolexes.

Also don’t even question it since economic inequality going up means most of the good high end bags or watches out pace inflation!!!

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That's true, but hear me out. I wear reasonably priced, "nice" watch — a Seiko 5 GMT. Quartz watches tell time better. I wear this one because I think it's a good looking watch and like the way it looks and feels on me. Although quite practical as far as such things go, it's definitely in the "jewelry" category. I paid more than a well-working quartz digital costs purely because I found it attractive, not because it's an objectively amazing watch. I get the appeal of jewely.

So... instead of spending $5k on that blood diamond, spend that much on a larger, prettier, flashier, objectively better lab diamond. Now you or your lady friend can enjoy a bigger, nicer, even more luxurious diamond for the same price. You can still spend $5k if you wish, but end up with something more mind-blowing.

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