Diamonds are one of the hardest and sparkle stones on the planet, considered to be extremely rare and valuable. While diamonds are extremely valuable, it is a common misconception to think that diamonds are rare. Diamonds are not rare in the market or economic sense because the supplies exceeds demand, and because diamonds are a natural element for earth to produce, we will not run out of diamonds, it will continue as long as the earth exists.
Diamonds are valuable for many reasons. It is extremely difficult to mine diamonds. Diamond crystallization can take thousands of years. Due to the length in the process, tons of money must be spent on workers, transportation, mining equipment and other expenses; these costs are passed along to consumers. Not to mention, diamonds need to be cut, experts need to grade the stone–these expenses are also a part of the final bill.
In order to maintain the high prices of diamonds, De Beers– a company that dominates the diamond mining industry–stockpile diamonds, only to sell them in small quantities to increase the price. As longest people are willing to pay big money for diamonds, the marketplace will increase the cost of them, making diamonds one of the most expensive stones in the world.
The color of the diamond affects its price, too. The white diamond is the most popular, but there are other colored diamonds. Some of this colored diamonds are yellow, brown, light blue, orange brown, green, pink and red. These diamonds are more expensive because they are more difficult to find.