WHY ARE DIAMONDS SO EXPENSIVE?
Purple diamonds are extremely rare but being unique and rare makes these gems even more desirable. It is worth mentioning that not all purple diamonds are natural. Some of them are artificially enhanced colored diamonds but that does not mean they are not real. These diamonds are as real as any other diamond. Let’s read a little about colored diamonds and how they are different from the standard, crystal clear diamonds.
DIAMOND FORMATION AND MINING DIFFICULTIES
It takes around a billion year before a raw diamond is formed. Diamonds naturally form in the high pressure, hot environment deep beneath the Earth’s surface. Extracting these diamonds is not easy. Mining involves the use of heavy machinery, hydraulic shovels, trucks, and other expensive equipment that is difficult to operate. This equipment is used to transport ore to the surface, where the diamonds are finally extracted. And only 30% of these diamonds are gem-quality. So it takes quite a lot before a gem quality diamond is extracted.
THE COST OF CUTTING AND POLISHING THE DIAMONDS
There’s nothing more beautiful than a piece of sparkling diamond jewelry. However, this beauty comes at a steep price. The raw diamond is just a stone. It takes hours of work and craftsmanship to refine. Once the diamonds are extracted, a diamond curator must shape and polish to ensure it is ready for sale. Mining, cutting, and polishing diamonds is a challenging, labor-intensive process. The complexity of this process adds to the price.
HISTORY OF DIAMONDS
Up until the late 1800s, diamonds were extremely rare and could only be found in a few places. But it changed in 1870 when large diamond mines were found in South Africa. DeBeers purchased the claims for most of those mines. The company controlled over 85% of the world's diamond supply at that time. They were able to control the price, trading, and sale of diamonds. Later, the discovery of new mines in Australia, Canada, and Russia ended their monopoly. When the Depression in the 1930s wrecked the diamond market in Europe, De Beers moved to sell its stock in the United States, where an estimated 75 percent of its diamonds were being used to make engagement rings. Still, the diamond trade is largely controlled by a few big corporations.
WHAT DETERMINES THE PRICE?
The diamond stones are priced and valued based on 4Cs (i.e. carat, clarity, color, and cut). The price of a diamond can vary based on its quality, clearance, brilliance, and the edges. The sharper the edge, the higher will be the price. The color will also play an important role. Cut: A diamond’s cut refers to its symmetry, proportions, and facet arrangement. A diamond with a high-quality cut will have an intense sparkle. Color: A color grade is used to measure the lack of color found in a white diamond. The most expensive diamonds are colorless, which means there are no hints of yellow-brown in the stone. Clarity: The term “clarity” refers to the presence of inclusions and blemishes. Flawless diamonds are incredibly rare and very valuable. Carat: The carat is a measure of a diamond’s weight. Heavier diamonds are larger than lighter diamonds and thus more expensive.
FANCY COLORED DIAMONDS ARE THE MOST EXPENSIVE
Fancy colored stones include blue, yellow, orange, red, green, pink, purple, brown, and black diamonds. Colored diamonds contain interstitial impurities or structural defects that cause the coloration. Pure diamonds are perfectly transparent and colorless. Impurity can sometimes lead to stunning colors and that increases the rates.
THE MOST EXPENSIVE DIAMONDS IN THE WORLD
The diamonds in most jewelry stores will cost you hundreds or thousands of dollars but there are some that are worth millions. Let's read about some of the most expensive diamonds in the world: Cullinan I and Cullinan II: These two diamonds, which are 530.2 and 317.4 carats were cut from the same 3,106-carat diamond. The nine diamonds that were cut from this massive diamond are collectively worth billions of dollars. Centenary Diamond: This 599-carat flawless diamond was cut down to 273.85 carats shortly after being discovered. The exact value is unknown but it has been insured for $100 million. Hope Diamond: The 45.52-carat Hope Diamond was gifted to the Smithsonian Museum by Harry Winston. Its estimated worth is $200 million. The Regent Diamond: This 140.64-carat cushion cut diamond is on display at the Louvre Museum in Paris, France. It is believed to be worth about $61 million. Such large diamonds are extremely rare. Most diamond rings are made of 1 carat or 2 carat diamonds. If you really want something big, you can go for a 5 carat diamond ring. Remember that you can get a custom diamond ring at an affordable price. Get in touch and share your budget and we will suggest ways on how you can save cost on a real diamond ring. You should also think of it as an investment. Diamond rings will travel through time, from one generation to the next and the price will appreciate with the passage of time.