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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home3/tjomlqte/public_html/website_e7432e64/wp-includes/functions.php on line 6121Source: https:\/\/www.gemsociety.org\/article\/are-diamonds-really-rare\/<\/span><\/p>\n\n\n\n by\u00a0<\/strong>Seth I. Rosen<\/a><\/p>\n\n\n\n Although\u00a0diamond<\/a>\u00a0is our most popular gemstone, this hasn\u2019t always been the case. Only in the last century did diamonds become readily available. Prior to that,\u00a0ruby<\/a>\u00a0and\u00a0sapphire<\/a>\u00a0were the most popular gems, especially for\u00a0engagement rings<\/a>.<\/p>\n\n\n\n Diamonds ascended in the public imagination primarily due to the\u00a0De Beers corporation<\/a>. They set up the first large-scale diamond mines in South Africa. Then, they began one of the most successful advertising campaigns in history, convincing consumers that engagement rings should always have a diamond.<\/p>\n\n\n\n With proper encouragement, the movie industry displayed its most glamorous actresses, draped in diamonds. As a result, diamonds soon became a top status symbol for the rich and famous. This peaked perhaps with Marilyn Monroe\u2019s performance of the song, Diamonds are a Girl\u2019s Best Friend<\/em>, in the 1953 film, Gentlemen Prefer Blondes<\/em><\/a>.<\/p>\n\n\n\n Even after winning the admiration of consumers, De Beers continued their advertising. With the discovery of diamonds in the (now former) Soviet Union, they created a new campaign to sell anniversary bands. These made good use of the small but nice-quality diamonds this find produced.<\/p>\n\n\n\n De Beers did wonderful things for the diamond industry. However, not everything about De Beers is nice. As diamonds were discovered in other parts of Africa and South America, De Beers gained control of the rough diamond supply. Allegedly, the tactics used to gain control included murder and kidnapping.<\/p>\n\n\n\n De Beers maintained a monopolistic hold over the diamond market for several decades, controlling 75-85% of the diamond rough supply. They carefully released only enough rough diamonds to satisfy then-current demand, while continually adjusting the degree of rough diamond availability. Of course, this made prices escalate and reinforced the perception of diamond\u2019s rarity. De Beers actually mined considerably more rough diamonds than they sold. They maintained a large warehouse of uncut diamonds in London. As a result, they weren\u2019t allowed to do business in the United States and a few other countries.<\/p>\n\n\n\n In the last two decades of the 20th<\/sup> century, things began to change.<\/p>\n\n\n\n Satellite technology, originally designed to find likely oil reserves, also showed the geology likely to hold diamonds. As a result, new discoveries began to multiply. For example, Australia became one of the first developed nations to discover major diamond resources. De Beers made a deal with them to distribute all the rough, except for the very rare pink diamonds<\/a>. In 1996, Australia ended its arrangement with De Beers.<\/p>\n\n\n\n De Beers also made a deal with the Soviet Union to distribute their rough diamonds. However, shortly after the Soviet breakup, the Russians let their contract expire and began to sell the diamonds themselves.<\/p>\n\n\n\n In 1999, the De Beers London stockpile was valued at $5.2 billion, but they agreed to stop stockpiling diamonds in 2000<\/a>. In 2004, De Beers agreed to plead guilty to criminal price fixing before a U.S. federal court<\/a>. This allowed them to once again sell diamonds in the U.S. (In 2012, the U.S. Supreme Court refused to consider an appeal by De Beers<\/a> against a class action settlement regarding various unfair business practices).<\/p>\n\n\n\n With explorations of several new sites, more diamond deposits will likely be found in the near future. De Beers still controls approximately 35-40% of the diamond rough supply<\/a>. So far, the other suppliers have been content to sell at the same prices as De Beers. However, if the law of supply and demand ever catches up to the diamond market, prices will likely drop considerably. What would happen next is difficult to tell. De Beers has a large inventory of uncut diamonds and holds an excellent position for a price war.<\/p>\n\n\n\n Now that you know some of the history behind the rise of diamond\u2019s popularity, let\u2019s debunk some popular diamond myths.<\/p>\n\n\n\n Diamonds are the hardest<\/a> material found on earth. They resist scratching better than anything else. Other than that, they hold no unique distinctions. All gem-quality materials are rare. They compose just a tiny fraction of the Earth. However, diamonds actually number among the most common gems. Ask yourself this: \u201cHow many people do you know who own at least one diamond?\u201d Now, ask this question about other gems, like rubies<\/a>, sapphires<\/a>, or emeralds<\/a>.<\/p>\n\n\n\n While we have much to learn about the Earth\u2019s interior, our current knowledge of gem formation<\/a> indicates that diamonds are likely the most common gem in nature.<\/p>\n\n\n\n Outside the confines of the Earth, diamonds are still common. A recent discovery indicates that some stars collapse on themselves, creating giant diamond crystals. In the constellation Centaurus, there lies a white dwarf that has crystallized into a diamond<\/a> about 2,500 miles in diameter and weighing 10 billion, trillion, trillion carats<\/a>.<\/p>\n\n\n\n You can\u2019t judge one gem species as the most valuable. To compare gem value<\/a>, you have to evaluate gems according to size and quality. The table below shows values for top quality gems of different sizes. However, please note that pure red rubies<\/a> are so rare there is no trade data available. The ruby prices listed are for Burmese rubies.<\/p>\n\n\n\nDiamonds and the De Beers Corporation<\/strong><\/h3>\n\n\n\n
Diamond Advertising Campaigns<\/strong><\/h4>\n\n\n\n
Cornering the Market<\/strong><\/h4>\n\n\n\n
New Discoveries and Developments<\/strong><\/h4>\n\n\n\n
What Does the Future Hold?<\/strong><\/h4>\n\n\n\n
Diamond Myths and Misconceptions<\/strong><\/h3>\n\n\n\n
MYTH: Diamonds are Rare<\/strong><\/h4>\n\n\n\n
MYTH: Diamonds are the Most Valuable Gem<\/strong><\/h4>\n\n\n\n