Live diamond auctions featuring gambling mechanics are gaining popularity on TikTok Shop, according to Rolling Stone. Independent sellers on the platform are auctioning off stones in live streams, where bids start at just $1. Notably, the timer can be extended if a bid is placed in the final seconds.
Most of the diamonds being auctioned are lab-grown and priced between $100 and $500. This format encourages impulsive buying, as reported by the publication.
Participants interviewed by Rolling Stone liken the auctions to gambling, with unexpected wins from low bids providing a thrill akin to a big jackpot. One auction participant revealed she bought around 50 stones in a month, while five others unintentionally purchased their first diamond, either by mistakenly placing a bid or unexpectedly winning an auction. A confession from one buyer about their inability to stop purchasing has already gone viral on TikTok, gathering over a thousand similar stories in the comments.