Which just goes to show how much money some people will waste for nothing more than status symbol and vanity.
Hmmm...it's not exactly like that.
Just like audiophiles that buy fancy looking $10,000 speaker cables.
No, that's very different. You're describing cables with $10 of material in them and $10 worth of labor but a lot of hype and lies. A fine Swiss watch is very different from that.
They get pride of ownership with having something "high-end" and exclusive that sets them apart from the unwashed masses.
Sometimes, people do think like that. What you're describing is the reason they buy, not the reason they cost what they do.
With diamonds - no inherent value anywhere in the supply chain. From beginning to end, there isn't more than $100 that has been put into most diamond rings (I don't know exactly, I'm just illustrating a point that I believe is valid.) And it is no more expensive to mine, cut and mount a "high quality" diamond than a "low quality one". It's pure hype.
But in the case of a Rolex, it's a very different situation.
A $10 cable will get the signal to the speaker just as well as a $10,000 speaker cable.
A $10 Casio will tell the time just as well as a $10,000 Rolex.
With audio cables there is some science behind the hype : really cheap cables are sonically inferior to decent ones ; because I have quite long cable runs ( my loudspeakers are at the other side of the room from my equipment cabinet ) I spent a couple of hundred on decent speaker cable ( still a tiny fraction of what my kit cost ) , but I agree there comes a point of diminishing returns and beyond which it is silly to go .
High end watches , in a sense , are a bit like high end turntables and you are paying for good mechanical engineering , and sometimes looks . Even some 30 plus years on I still admire my Michell Gyrodec every time I look at it , and I enjoy playing my records on it every day . I had the Transcriptor Hydraulic Reference Turntable before the Gyrodec , until the design was updated as the dynamics of playing records became better understood. It is the sane with a Linn Sondek or any other quality turntable , an SME pickup arm ( which I had before ) or a Rega ( as I have now ) .
My turntable , arm and cartridge would probably cost somewhere between five and ten grand nowadays , I bought mine around 30 years ago , and is audibly better than much cheaper ones , but you could also spend vastly more if you wanted to , although how much of a sonic difference it would make I don’t know .