April 24, 2019

Diamonds: Five Facts

1. Diamonds have never been in greater demand.

2017 saw the highest diamond jewelry sales worldwide, with millennials purchasing 59%, even though they represent only 25% of the population. Attracted to the rareness of diamonds in our supersonic, artificial world, authenticity is embraced simply because diamonds were created more than a billion years ago. The emotional significance of this is profound in a swipe-right world. Real emotions and real feelings require real diamonds.

2. Diamonds are miraculous and ancient.

Over a billion years ago, long before dinosaurs tromped around the surface of the earth, diamonds had already formed at the earth’s core, three times deeper than most volcano magma. From a hundred+ miles below the earth’s surface, they were jettisoned in kimberlite pipes through volcanic eruptions. The youngest diamond ever discovered is over a hundred million years old.

3. Diamond recovery crested in 2005.

Increasingly more difficult to locate, kimberlite pipes are ancient and hold most of today’s diamonds. Decades ago many of these kimberlite pipes were exhausted, so production is slowing, making diamonds rarer as existing mines are depleted. To give you a volume perspective, now the annual yield is reduced to only about the equivalent size of a couple of basketballs for 1 carat diamonds. Annually, diamonds in the 1 carat weight total the size of two basketballs, and a soccer ball for 2 to 5 carats. At 5 carats and above it shrinks to the size of a tennis ball. The number of diamonds recovered crested in 2005.

4. The diamond industry gives back.

10 million people around the world make their living from the diamond industry, with 1.5 million artisanal and small-scale miners providing 15% of the world’s diamonds. Their livelihood depends on worldwide demand. Revenues provide education and medical care, among other things, within developing countries who mine diamonds. And the environmental impact of a 1 carat natural diamond is less than most synthetic diamonds of similar size.

5. Conflict diamonds no longer make their way into circulation.

The Kimberly Process ensures diamonds from conflict zones aren’t traded in the industry. 98% of diamonds are Kimberly Process compliant and certified. Rebellions have receded and strict controls remain in place. Stringent safeguards guarantee diamonds are produced in a sensible, trustworthy manner.

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