Burn Your Liberty Dollars (freedom lovers only itt)

Gold has the advantages of being rare and, as an element, it has scientific properties that can be measured, and values can be accurately determined and assigned based on those properties. It's also easily malleable and divisible, which makes it easier to transport (though paper money is even easier).

Diamonds, however, are not so easily divisible, and impurities are harder to work out, since diamonds are crystals, and to divide them, you have to cut them. If you mess up cutting them, you destroy the value, so that's a distinct disadvantage. The quality is also a factor; gem-quality diamonds are far more valuable than industrial-quality diamonds. Since the value can fluctuate from stone to stone, and you need a gemologist to evaluate them, this limits their utility as a standard of trade.

There's also the fact that diamonds are nowhere near as rare as most people think they are, and that the rarity we see is a result of De Beers hoarding as many of them as possible to keep prices from crashing.

How ya doing, buddy?