Why Are Diamonds So Expensive? The Truth About Diamonds

Diamonds are an expensive and luxurious item, traditionally prized for their beauty and rarity.

Many people are curious about why diamonds cost so much and what makes them so desirable.

This article will explore the unique qualities of diamonds that make them not only valuable but also highly sought after by jewelry buyers around the world.

We’ll look at the physical properties of diamonds, their history and symbolism, as well as the diamond industry to gain a better understanding of why diamonds are so expensive.

History and symbolism of diamonds?

Diamonds have a long history and deep symbolism that has been associated with them for centuries.

They were first discovered in India more than 3,000 years ago and since then they have been revered for their beauty and strength.

In ancient times, diamonds were believed to bring good fortune to those who owned them, symbolizing courage, invincibility, and eternal love.

Throughout the centuries, diamonds have been used to mark important milestones such as weddings and anniversaries, making them a timeless symbol of love.

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Physical qualities of diamonds?

Diamonds are known for their beauty and brilliance but they also possess some unique physical qualities that make them special.

Diamonds are the hardest naturally occurring mineral on Earth, making them extremely durable and resistant to scratches.

They have the highest refractive index of any gemstone, meaning they sparkle more than other gems when light hits them.

Diamonds also have high thermal conductivity, allowing them to disperse heat quickly.

These physical properties make diamonds suitable for use in various applications such as industrial cutting tools and high-end jewelry.

Why are diamonds so expensive?

There are several reasons why diamonds are so expensive. These include:

Incredibly rare

Diamonds are incredibly rare, with only a small percentage of the world’s diamond-bearing rocks actually producing diamonds of gem quality.

The process of extracting and polishing these gems is also difficult and time-consuming, meaning that there are very few diamonds available at any given time.

This rarity makes them highly desirable while driving up their cost. Additionally, diamonds that are larger than one carat in size become increasingly rare and valuable due to their scarcity.

Highly durable

Diamonds are the hardest natural substance on earth, scoring a 10 on the Mohs hardness scale.

This means they are incredibly resistant to scratching or breaking and won’t easily corrode or tarnish.

This durability means they don’t need to be replaced as often as other gemstones, and the stones are very likely to last a lifetime if properly cared for.

As a result, diamonds can be considered an investment that will retain their value over time.

Symbolism of love

Diamonds have come to represent many things, but chief among them is a symbol of everlasting love.

Ever since the tradition of engagement rings began in 1477, diamonds have become linked to unions of two people and the promise to remain faithful.

This enduring symbolism has made diamonds even more desirable as a symbol of love and commitment.

The diamonds’ unbreakable nature is seen as an analogy for the strength of the bond between two people in love.

Diamond industry

The diamond industry has played a large role in the high price of diamonds.

This industry is heavily regulated, with companies controlling the majority of diamond production and distribution.

Companies have been known to stockpile diamonds, hoarding them to keep supply low and drive up prices even further.

Additionally, diamonds that are certified by organizations like the Gemological Institute of America (GIA) tend to be more valuable due to their assurance of quality and legitimacy.

Special physical properties

Diamonds possess a number of physical properties that make them particularly desirable.

These include their sparkle and fire (refracted light) as well as their resistance to heat and premature wear.

People often find themselves drawn to the unique brilliance of diamonds, with their bright flashes of light seeming to glow from within.

As a result, diamonds are often chosen to adorn items of jewelry and other accessories for their aesthetic appeal.

What is the role of the De Beers diamond cartel?

The De Beers diamond cartel is one of the most influential organizations in the diamond industry.

It was founded by Cecil Rhodes in 1888 and has since become the largest supplier of diamonds, controlling more than 70% of rough diamonds sold worldwide.

The organization has been known to stockpile large amounts of diamonds, keeping them off the market and driving up their value.

De Beers has also been accused of fixing prices and preventing the entry of independent producers into the market. The organization is responsible for many of the practices that have kept diamond prices high over time.