by Richard Bickmore

Created on: November 15, 2009   Last Updated: December 15, 2009

One fact about diamonds that is seldom addressed is the "rarity factor".

The diamond's popularity depends a good deal on effective advertising and catchphrases. "A Diamond is Forever". "Diamonds are a Girl's Best Friend". But one quality of diamonds that is more implied than actually advertised is the scarcity of this particular gem.  Diamond are rare, much sought-after possessions that should be highly prized (and highly priced)... Or are they?

While diamonds have been used as ornamentation for thousands of years, diamond production on an industrial level started in South Africa in the 1870's by the well-known DeBeers cartel. To date, an estimated 4.5 billion carats of gem-grade diamonds have been mined, processed, and sold, with South Africa as claiming approximately 49% of global production.

While one thinks first of South Africa's diamond mines, ther are also mines in Russia, presently the major producer at almost 1/5 of global production. Australia reports 42 Metric Tons (46 Standard Tons) of gem-grade diamonds mined annually, while Botswana weighs in at 12.5 to 15 million carats annually. Other mine locations include Canada, the Democratic Republic of Congo, Angola, Zimbabwe, and the United States of America, with mines located in Arkansas, Colorado, and Montana.

Considering that about 20% of all diamonds introduced into the market have been mined in the last five years, and the fact that in the last ten years, nine new mines have been opened up for production, with four more mines in the wings waiting for the go-ahead to begin production, it would seem that the "rarity" of diamonds is less than solidly evidenced.

Another thought: it is estimated that some 100 million women in the US alone wear diamond jewelry on a regular basis (primarily but not exclusively) as bridal jewelry, while untold millions more hold diamond jewelry in safety-deposit boxes across the country.

And consider this scenario... How often have we gone into the local mall, and at each corner of the main intersection, there are four jewelry stores smiling at each other across the way? Each store must have upwards of tens of thousands of carats in stock. Now for the math: How many thousands of carats in diamond inventory times how many stores times how many malls... Rare? That would be like considering tomato based products a hard-won commodity.

Keep in mind also- "A diamond is forever" works against the rarity myth in that other than the rare occasion of loss or destruction, virtually all diamonds released into the retail market are still in existence today.

Own diamonds for their beauty, for their durability, and for the romance attached to them? Absolutely. But, let's get rid of the rarity part of the equation, and maybe- just maybe- cut down the prices of diamonds based at least partially on this myth.

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