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Your answer depends on who's comparing and where the comparison takes place. Further, the quality of the diamonds and the quality of the water will be part of your argument.

For example:

  • Gem-quality diamonds are more valuable than easily available, potable water.
  • Industrial diamonds are less valuable than easily available, potable water.

You can develop logic around hard-to-find water, polluted water and so forth and compare these to gem-quality and industrial diamonds.

There is no standard.

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