Fact or Fiction. Diamonds
Diamond is the hardest “natural” substance known to man however, it is no longer the hardest substance. It lost its sparkle a little in 2009 when researchers created a synthetic substance called, wait for it… Wurtzite boron nitride. Although not ready for commercial use, it can width-stand almost 18% more stress than diamonds.
Most diamonds come from Africa. Yes this is true to some extent, as Botswana in particular is the largest producer of diamonds only by Value. The Jwaneng mine in Botswana is so vast and mineral rich, it has its own airport. Diamonds on average account for 30% of the GDP for the country. Most diamonds however, are not polished nor cut in Africa. In fact doing a quick search of diamonds, African cut diamonds are more expensive than their counterparts in India and Hong Kong.
India is now the largest manufacturer of diamonds. 11 out of 12 diamonds in jewellery are now cut and polished there. 65% by value, 85% by volume and 92% by pieces of the world diamond production. Almost 3,000,000 people are directly employed in the diamond industry in India. To give context, the entire Luxury workforce in Europe amounts to only 500 000.
As rare diamonds are, they are unlike Gold and Platinum which are finite. Only 20% of mined diamonds are actually gem quality. The rest are used in the high tech manufacturing industries for cutting and drilling due to their strength. In fact only one polished diamond out of 1000 weighs more than 1 Carat. So if you or your partner will receive anything over 1 carat, it is pretty rare.
The United States alone accounts for 40% of total worldwide Gem Quality diamond consumption, and yet Russia produces the most diamonds in terms of Volume…
I’d be happy to give you some diamond buying advice, feel free to book a consultation with us below.