Diamonds

Treasure or Trinkets?

It's arguable that in today's world diamonds don't really deserve to be classed as treasure. They're not especially rare or difficult to extract. So why do they cost so much to buy?

Part of the answer lies in the action - some might say manipulation - of market forces. In addition, the diamonds we buy in jewelry stores have been carefully selected, graded and cut which adds a premium to the price.

Round, Ideal Cut Diamond

What Are Diamonds?

A diamond is in essence a highly compressed lump of coal. More technically, diamond is an allotrope of carbon formed naturally when rock high in carbon deposits is placed under extreme pressure. Diamond formation normally takes place beneath the earth's surface, hence the need for diamond mines, however they are sometimes produced as a result of meteor impacts. The vast majority of natural diamonds are of poor quality and are used for industrial purposes - diamond is the hardest known natural mineral. A small percentage of natural diamonds are considered gem-grade and are cut and polished, usually for use in jewelry.

Diamonds are graded according to the "4 Cs": Carat (weight), Colour, Clarity and Cut. It is the combination of these four factors that distinguishes gem quality diamonds from their industrial counterparts and largely determines the relative price of a particular stone. The vast majority of diamonds for sale are clear, however they can also be found in a wide variety of other colours. Canary yellow is popular, as is the rare natural blue variety.

Over the years there have been a number of famous diamonds such as the Cullinan Diamond and the Kimberley Octahedron.

Blood Diamonds

Blood diamonds - also known as conflict diamonds - have been controversial for some while now. The profile of the issue was raised considerably by the release of the 2006 movie starring Leonardo DiCaprio.

The term refers to diamonds that have been mined and sold in order to support military action, be it an international conflict, civil war or a rebellion. Many originate from war- torn regions of Africa. Buying such stones is seen as effectively supporting the war and many countries have sanctions against the import of such stones.

Synthetics & Simulants

Given the demand for quality diamonds, many people have investigated ways of producing them artificially. Today's artificial diamonds fall into two groups: synthetics and simulants.Synthetics Synthetic diamonds are man-made versions of the real thing with the same chemical make-up. They have been produced for industrial purposes for decades and in recent years the process has improved sufficiently that synthetic stones can achieve gem quality. To the lay person, a good synthetic diamond can be indistinguishable to a natural one, however professional jewelers and gemologists have techniques and tools to help them tell the difference.

Simulants

Diamond simulants are not strictly speaking diamond at all - instead they are made from different materials in a way that gives them a similar look and feel to the real stones. Such simulants are often referred to as diamante. Well known simulants include Cubic Zirconia (CZ) and Moissanite.

Paste diamonds ("Rhinestones") are simulants made from cheap materials such as glass or plastic.

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