Diamond (gemstone)
Diamond is a gemstone formed by cutting a raw diamond. Diamonds have high monetary value as one of the best-known and most sought-after gems, and they have been used as decorative items since ancient times.
The hardness of diamond and its high dispersion of light—giving the diamond its characteristic "fire"—make it useful for industrial applications and desirable as jewelry. Diamonds are such a highly traded commodity that multiple organizations have been created for grading and certifying them based on the "four Cs", which are color, cut, clarity, and carat. Other characteristics, such as presence or lack of fluorescence, also affect the desirability and thus the value of a diamond used for jewelry.
Diamonds often are used in engagement rings. The practice is documented among European aristocracy as early as the 15th century, though ruby and sapphire were more desirable gemstones. The modern popularity of diamonds was largely created by De Beers Mining Company, which established the first large-scale diamond mines in South Africa. Through an advertising campaign in the late 1940s and continuing into the mid-20th century, De Beers made diamonds into a key part of the betrothal process and a coveted symbol of status. The diamond's high value has been the driving force behind dictators and revolutionary entities, especially in Africa, using slave and child labor to mine blood diamonds to fund conflicts. Though popularly believed to derive its value from its rarity, gem-quality diamonds are quite common compared to rare gemstones such as alexandrite, and annual global rough diamond production is estimated to be about.
History
Early
The process of diamonds being used for drilling ornamental beads dates back to 2nd millennium BC. Archaeologists working in Yemen have excavated beads with evidences of diamond drilling from 1200 BC to 1st century AD from the site of Hajar ar Rayhani, with double diamond drilling from 1000 to 600 BC. The double diamond drill technique was present in Western India prior to 600 BC. There is also evidence of technique of double diamond drilling from Southern Thailand dating back to 400 BC.Before diamonds were discovered in Brazil in the 1700s, India was the only place where diamonds were mined. Early references to diamonds in India come from Sanskrit texts. The Arthashastra of Kautilya mentions diamond trade in India. Buddhist works dating from the 4th century BC describe the diamond as a well-known and precious stone but do not mention the details of diamond cutting. Another Indian description written in the beginning of the 3rd century describes strength, regularity, brilliance, ability to scratch metals, and good refractive properties as the desirable qualities of a diamond. Kalkutta was an important trading center for diamonds in central India.
Diamonds were traded to the east and west of India and were recognized by various cultures for their gemological or industrial uses. In his work Naturalis Historia, the Roman writer Pliny the Elder referred to the adamas that occurred alongside gold and was used for ornament and engraving. This was long believed to refer to diamond, but is now thought more likely to mean other hard minerals such as corundum or spinel.
Diamonds eventually spread throughout the world, even though India had remained the only major source of the gemstone until diamonds were discovered in Brazil in 1725. The establishment of maritime trade between Europe and India following Vasco da Gama’s voyage in 1498 provided Europeans with more consistent access to diamonds. A Chinese work from the 3rd century BC mentions: "Foreigners wear it in the belief that it can ward off evil influences". The Chinese, who did not find diamonds in their country, initially did not use diamond as a jewel but used it as a "jade cutting knife". Diamonds reached ancient Rome from India. Diamonds were also discovered in 700 in Borneo, and were used by the traders of southeast Asia.
Modern
The modern era of diamond mining began in the 1860s in Kimberley, South Africa with the opening of the first large-scale diamond mine. The first diamond there was found in 1866 on the banks of the Orange River and became known as the Eureka Diamond.In 1869, an even larger diamond was found on the slopes of Colesberg Kopje on the farm Vooruitzigt belonging to the De Beers brothers. This sparked off the famous "New Rush" and within a month, 800 claims were cut into the hillock which were worked frenetically by two to three thousand men. As the land was lowered, the hillock became a mine—in time, the world-renowned Kimberley Mine. Following agreement by the British government on compensation to the Orange Free State for its competing land claims, Griqualand West was annexed to the Cape Colony in 1877.
From 1871 to 1914, 50,000 miners dug the Big Hole with picks and shovels, yielding of diamonds, and by 1873 Kimberley was the second largest town in South Africa, having an approximate population of 40,000.
The various smaller mining companies were amalgamated by the British businessmen Cecil Rhodes and Charles Rudd into the De Beers Mining Company, and the Barnato Diamond Mining Company by Barney Barnato. In 1888, the two companies merged to form De Beers Consolidated Mines, which proceeded to establish a monopoly over the world's diamond market. That monopoly had ended by 2005, following an antitrust lawsuit in the US, and a voluntary agreement between De Beers and the European Commission. The latter agreement had been overturned upon appeal by the Russian mining company Alrosa, but the European Court of Justice then upheld the decision and the European Commission subsequently concluded its investigation with no more action being taken against De Beers.
Annual global rough diamond production was estimated to be about for 2014, of which 92% was cut and polished in India, mostly in the city of Surat. Some 85% of the world's rough diamonds, 50% of cut diamonds, and 40% of industrial diamonds are traded in Antwerp, Belgium—the diamond center of the world. The city of Antwerp also hosts the Antwerpsche Diamantkring, created in 1929 to become the first and biggest diamond bourse dedicated to rough diamonds. Antwerp's association with diamonds began in the late 15th century when a new technique to polish and shape the gems evolved in this city. The diamond cutters of Antwerp are world renowned for their skill. More than 12,000 expert cutters and polishers are at work in the Diamond District, at 380 workshops, serving 1,500 firms and 3,500 brokers and merchants.
In the 21st century, the technology to produce perfect diamonds synthetically was developed. Diamonds produced by the latest technologies are visually identical to mined, naturally occurring diamonds. The price of lab-grown vs. natural diamonds has fallen considerably, from a 20% discount in 2017 to a 80% discount in 2023. By 2024, lab-grown diamonds represented 25% of the value of the global diamond market and 50% of the U.S. engagement ring market by volume. The growth in popularity of synthetic diamonds, combined with demand issues caused by geopolitical and economic instability, and changing consumption habits among younger consumers, has caused a dramatic drop in the price of mined diamonds and an industry crisis, with mines and polishing facilitates closing or suspending production.
Characteristics
The most familiar usage of diamonds today is as gemstones used for adornment—a usage which dates back into antiquity. The dispersion of white light into spectral colors is the primary gemological characteristic of gem diamonds. In the twentieth century, gemologists have developed methods of grading diamonds and other gemstones based on the characteristics most important to their value as a gem. Four characteristics known informally as the "four Cs" are now commonly used as the basic descriptors of diamonds: carat, cut, color, and clarity. This system was developed by Gemological Institute of America in 1953 as internationally recognized standard to evaluate diamonds' characteristics.Most gem diamonds are traded on the wholesale market based on single values for each of the four Cs; for example knowing that a diamond is rated as, VS2 clarity, F color, excellent cut round brilliant, is enough to reasonably establish an expected price range. More detailed information from within each characteristic is used to determine actual market value for individual stones. Consumers who purchase individual diamonds are often advised to use the four Cs to pick the diamond that is "right" for them.
Other characteristics also influence the value and appearance of a gem diamond. These include physical characteristics such as the presence of fluorescence as well as the diamond's source and which gemological institute evaluated the diamond. Cleanliness also dramatically affects a diamond's beauty.
There are two major non-profit gemological associations which grade and provide reports, on diamonds; while carat weight and cut angles are mathematically defined, the clarity and color are judged by the trained human eye and are therefore open to slight variance in interpretation. These associations are listed below.
- Gemological Institute of America was the first laboratory in America to issue modern diamond reports, and is held in high regard amongst gemologists for its consistent, conservative grading.
- Diamond High Council Official certification laboratory of the Belgian diamond industry, located in Antwerp.