Why are Diamonds so Expensive? Top 5 Reasons
by Francis Alukkas | 22 September 2021 | DIAMOND JEWELLERY
Diamonds are a woman’s best friend. Heard of this statement? There is nothing more precious and beautiful than a sparkling piece of diamond stone studded in a beautiful bespoke jewelry. But beauty comes with a price, and nothing other than a diamond can be the best example of this statement. So what makes diamonds costly? Why are diamonds so expensive?
Diamonds are synonymous with ‘Forever Promise’ and weddings. When we speak of diamonds we instantly imagine weddings. The bespoke shine and spark of the rare piece of stone is majorly celebrated and exchanged as a forever promise, the beginning of a relationship. Ever imagine what makes diamonds more precious and valuable than other natural occurring stones? Why are they celebrated at weddings? How and when did this trend of exchanging diamond rings during weddings started? Answers to all your questions are answered in this blog.
In this blog, we will be looking into certain major episodes in the journey of a diamond that made it as popular as it is today. We will learn and discover more about the most expensive diamond in the world and also take a quick look at the top 5 reasons why are diamonds so expensive?
Also, Read: Is it good to invest in diamonds
Why are Diamonds so Expensive?
There are several factors that cater to the reasons behind, why are diamonds so expensive? The rarity, difficulties in mining, durability, cut, clarity, color, and carat of diamonds make them expensive and in demand. The four C’s determine the value of the stone. The psychological beliefs and myths attached to diamonds are the other reasons that makes them expensive.
Not all stones found are rare, but that used for jewelry are rare. Only 30% of the mined diamond stones match the standard gem quality that is required. It is this rarity of stone that makes them the world’s most expensive diamond. Bigger the stone, higher the value, higher the demand. The rarity of the diamond was exploited adding to the reasons, why are diamonds so expensive? To understand the same, let’s rewind the history.
Why are Diamonds so Expensive: The History
According to ancient greek diamonds were considered to be the tears of the gods. In contrast to this, the Romans believe that the tips of Cupid’s arrows were made up of diamonds. While others believed it to be the symbol of strength and courage. But the story behind the popularization of diamond engagement rings is not this. Follow along the article to learn how a marketing campaign led by De Beers Mining Company convinced and popularized the ideology that engagement rings need diamonds.
Why are Diamonds so Expensive: Marketing Tactic and Manipulation by De Beers
When the De Beers Mining Company discovered a treasure trove of diamonds in the city of Kimberley, they identified that this large supply would affect and decrease the value of diamonds. As a measure to prevent the same, they marketed their products as rare and decided to only release diamonds in smaller batches. Setting the standards of diamonds to be the best gift and a true gift of love, De Beers increased the market value of diamonds and competition. De Beers, still owns the credits for running the most successful campaign in the world with their taglines and philosophy used and effective even today, making diamonds a valuable investment and a precious rare stone.
Also, Read: Tips for Buying Diamond Jewellery Online
Which is the World’s Most Expensive Diamond?
12.03-carat blue diamond is said to be the world’s most expensive diamond that was sold for $48.4 million. It was bought by billionaire Joseph Lau for his 7-years-old daughter Josephine. The blue diamond was later renamed by him as the ‘Blue Moon of Josephine’. The rare diamond has an exceptionally fancy vivid blue color. However, Kohinoor is the most expensive diamond in the world, weighing 105 carats with a weight of 21.6 grams.
While there are a lot of debates on whether one must invest in diamonds or not, there are also several reasons that explain why you must invest in diamonds. While we keep that aside, tell us what makes diamonds so special for you, and what are your thoughts on, Why are diamonds so expensive?
To view Francis Alukkas’ latest diamond collections, visit our website or nearby store.
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