It is true that diamonds are used as precious stones, but the reason why precious and expensive diamonds come not only from the value of the stone but also from many other factors.
Diamonds is Used for Jewelry
From the earliest days in history, people have known diamonds as carving tools. Diamonds have been used as precious stones since ancient times in India (at least 3,000 years ago) and have become more popular since the 19th century due to increased supply, improvements in cutting and grinding techniques, and successful advertising campaigns.
Today, diamonds are often used as jewelry in jewelry or for cutting and grinding hard materials in the industry. Diamonds are considered precious because of the ability to disperse white light into colors in the spectrum. The stone retains the light inside so when looking at the sparkle. Diamonds are also very hard, can only be scratched by other diamonds. Therefore, affordable diamond jewelry is very suitable for everyday wear because it is difficult to scratch. Perhaps this contributes to the popularity of diamonds in engagement rings or wedding rings.
Marketing is a Big Factor
But marketing is still the most influential factor that makes diamonds precious and expensive. De Beers Diamond Company created the “Diamond is eternal” slogan to sell diamonds to engagement rings and wedding rings. This slogan refers to the hardness of the diamond. But remember that diamonds are very brittle, can be hammered and oxidized at 800 ° C in the air. De Beers’s advertising efforts have revived the US diamond market and created new markets in diamond-less countries. Throughout the twentieth century, while still dominating the diamond market, De Beers advertised diamonds in general rather than brand names and even advertised for rivals. However, in 2011, when the market share fell to about 29% in the world, De Beers only advertised for its brands.
Many of the diamonds extracted from the earth are brown and are often used in industry. After marketing efforts in 1986 when the Argyle mine in Australia opened, brown diamonds began to be accepted as precious stones. Argyle harvests 7,000kg per year (5,600kg brown), one-third of the global diamond production. Most precious diamonds are sold right after the new one, but there is a residual market for diamonds. In 2003, 92% of diamonds in the world were polished and polished in Surat, India. Other important centers in diamond cutting and diamond trading are Antwerp, Belgium, where IGI, London, New York, Tel Aviv and Israel are located. and Amsterdam.