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The author discusses economic conditions in order to point out
The author implies that the profits of the diamond industry were threatened by the same economic conditions that lowered the prices of other commodities.
The passage states that diamond producers were worried that the price of diamonds would fall with economic conditions. Therefore, we can infer that the price of diamonds could not have been stable at the time.
Although the passage explicitly states that the price of diamonds was high, the author does not mention economic conditions to explain why this was so, but rather to explain why this was about to change.
Economic conditions were the reason for, not the result of, the diamond industry's advertising campaign.
The author notes that diamond producers were worried that diamonds would decrease in price just like commodities like gold, rubber and grain. However, this answer choice incorrectly claims the author wanted to point out the difference, or dissimilarity, of diamonds from other goods.