There are many sham diamonds in this life which pass for real, and vice versa.

Thackeray’s aphorism turns on the social and moral theme that appearances are unreliable. “Sham diamonds” suggests glittering impostures—people, reputations, virtues, or successes that look valuable because society rewards display, wealth, and polish. The sting is doubled by “and vice versa”: genuine worth is often overlooked, misread as ordinary, or treated as counterfeit. In Thackeray’s satirical world, status and judgment are frequently distorted by vanity and fashion, so the line functions as a caution against equating outward shine with inner value and as a critique of a culture that mistakes show for substance.